Chandigarh, Mar 24: Punjab government would levy 'Local Area Development Tax (LADT)' at the rate of two per cent on all goods being imported into the state. Announcing this in the assembly while presenting the Budget for 2003-04, finance minister Lal Singh said the LADT would replace Octroi which would be scrapped from July one.
He said the LADT paid on the specified industrial materials and components would be allowed to be set off against sales tax on the finished products.
The Amarinder Singh government in it's election manifesto last year had promised to abolish Octroi. Bureau Report