Traders hail one-time settlement scheme

Tribune News Service
Amritsar, January 13

To settle pending VAT cases, pertaining to pre-GST era, traders welcomed the Cabinet’s decision to grant approval to the one-time settlement scheme for the disposal of old VAT cases on Tuesday.

Accepting the demand of Punjab Pradesh Beopar Mandal (PPBM), the state Cabinet approved one-time settlement scheme during a meeting held in Chandigarh on Monday.

Beopar Mandal welcomes move

  • OP Soni, Medical Education and Research Minister, informed that the scheme would benefit 47,627 entrepreneurs. He added that the government would have to forego Rs121.06 crore in taxes.
  • The minister stated that the registered dealers will have to self-attest the forms while filing returns and the scheme will provide the traders 100 per cent respite from interest and penalty.

During a virtual programme held at Government Senior Secondary School for Girls on the Mall Road on Tuesday, OP Soni, Medical Education and Research Minister, informed that the scheme would benefit 47,627 entrepreneurs. He added that the government would have to forego Rs121.06 crore in taxes. He stated that the registered dealers would have to self-attest the forms while filing returns.

He elaborated that the scheme would provide the traders 100 per cent respite from interest and penalty.

Piara Lal Seth, president of the PPBM, said the beopar mandal had submitted the demand to Chief Minister Capt Amarinder Singh through Cabinet Minister OP Soni. He said that Rs103.13 crore waiver pertained to the financial year 2013-14 and Rs17.93 crore belonged to period 2005 to 2013.

He recalled that the PPBM had requested this to the CM on January 31, 2019. He said this was the main reprieve they received from the government while battling the Covid-19 induced economic crisis. He added that the Central government had not shown any magnanimity of this level to the MSME sector and their all incentives were directed to the corporate sector.

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