CHANDIGARH DECEMBER 22: Punjab Chief Minister Mr. Parkash Singh Badal today gave a nod to slash the VAT from 12% to 5% on the material/equipment purchased by the Punjab State Power Corporation Ltd. (POWERCOM) and Punjab State Transmission Corporation Ltd. (TRANSCO) for power generation, transmission and distribution. Disclosing this here today a spokesperson of the Chief Minister’s Office said that the surcharge @ 10% on the VAT levied on the purchase of material/equipment by these two Corporations would be charged as earlier. It may be recalled that this facility had also been given to the erstwhile Punjab State Electricity Board prior to its unbundling into POWERCOM and TRANSCO under the Punjab VAT Act. The spokesperson further said that the Chief Minister had taken this decision to safeguard the interests of the local industry. This decision would not only boost the financial viability of these corporations but also immensely benefit all categories of consumers across the state by ensuring far better efficiency in the system of power generation, transmission and distribution, the spokesperson added.