E-Paper
OTS-2023 to benefit trade and industry by reducing legacy cases: Cheema
Harpal Singh Cheema said that the Punjab government has introduced the Punjab One Time Settlement Scheme for Recovery of Outstanding Dues, 2023, from November 15, 2023, to March 15, 2024, to benefit trade and industry by reducing the compliance burden of legacy cases and thereby enabling traders and industrialists to enhance their compliance under goods and services tax (GST).
Punjab finance minister Harpal Singh Cheema on Wednesday said that the Punjab government has introduced the Punjab One Time Settlement Scheme for Recovery of Outstanding Dues, 2023, from November 15, 2023, to March 15, 2024, to benefit trade and industry by reducing the compliance burden of legacy cases and thereby enabling traders and industrialists to enhance their compliance under goods and services tax (GST).
Informing this in a press communiqué issued here, Cheema said that the total pendency of tax, interest and penalty of demand up to ₹1 crore outstanding as on March 31, 2023, amounts to ₹6,086.25 crore. He said that the scheme has proposed a complete waiver of the pending dues of ₹528.38 crore to benefit 39,787 taxpayers whose amount of total demand was less than ₹1 lakh.
He said taxpayers whose assessment has been framed till March 31, 2023, by the Taxation department, Punjab, shall be eligible to apply for settlement of their dues under this scheme.
He said that the scheme shall be applicable to pay dues pending under the Punjab General Sales Tax Act, 1948, the Central Sales Tax Act, 1956, the Punjab Infrastructure (Development and Regulation) Act, 2002, and the Punjab Value Added Tax Act, 2005.
Disclosing slab-wise proposed waiver of tax, interest and penalty, Cheema said that taxpayers with the amount of total demand (tax, penalty and interest) up to ₹1 crore as on March 31, 2023, shall be eligible to apply for settlement under this scheme.
