Deadline nearing, Cheema tells tax officials to reach out to firms
Punjab finance, planning, excise and taxation minister Harpal Cheema on Thursday directed tax officials to personally reach out to firms that have not yet availed the benefits of the “One Time Settlement (Amendment) Scheme (OTS-3)” and urge them to apply by August 16, the last date of the scheme.
Chandigarh
Punjab finance, planning, excise and taxation minister Harpal Cheema on Thursday directed tax officials to personally reach out to firms that have not yet availed the benefits of the “One Time Settlement (Amendment) Scheme (OTS-3)” and urge them to apply by August 16, the last date of the scheme.
The instructions were given by the finance minister during a review meeting held here with the aim to give an opportunity to the remaining firms to take advantage of the scheme and settle their outstanding dues. Cheema, who assessed the progress, stressed the need for division and district-level officials to intensify their efforts in reaching out to the remaining 11,130 dealers who missed the initial June deadline and are yet to apply under the scheme.
Additional chief secretary, excise and taxation, Vikas Pratap, excise and taxation commissioner Varun Roojam and senior officers of the taxation department were among those present.
The finance minister said that OTS-3 has generated ₹141.58 crore in tax revenue, with 59,182 dealers availing the benefits. He told the officers to ensure that all eligible firms are informed and encouraged to take advantage of the scheme, contributing to the state’s economic growth.
OTS-3, implemented on November 15, 2023, offers a one-time opportunity for taxpayers to settle their outstanding dues, covering cases till the assessment year 2016-17 and having arrears up to ₹1 crore. The scheme provides a complete waiver of tax, interest and penalty in case of arrears up to ₹1 lakh as of March 31, 2024, and a waiver of 100% interest, 100% penalty and 50% of the tax amount in cases with demands ranging from ₹ 1 lakh to ₹ 1 crore.