Total pending arrears amounts to Rs 6086.25 crore
The News Freedom
(www.thenewsfreedom)
Chandigarh, November 15
Punjab Finance Minister Harpal Singh Cheema on Wednesday said that the government has introduced the One Time Settlement(OTS) scheme for recovery of outstanding dues from November 15 to March 15, 2024 to benefit the trade and industry by reducing the compliance burden of legacy cases and enabling traders and industrialists to enhance their compliance under Goods and Services Tax (GST).
Disclosing this in a press communiqué issued here, Finance Minister Harpal Singh Cheema said that the total pendency of tax, interest, and penalty of demand up to Rs 1 crore outstanding as of March 31, 2023 amounts to Rs 6086.25 crore. He said that the scheme has proposed a complete waiver of the pending dues of Rs 528.38 crore to benefit 39,787 taxpayers whose amount of total demand was less than Rs 1 Lakh.
Giving details of the scheme, the Finance Minister said that the 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.