Punjab Govt launches OTS scheme for recovery of dues
Chandigarh, November 15
Finance Minister Harpal Singh Cheema on Wednesday said the state government has introduced a one-time settlement (OTS) scheme for recovery of outstanding dues from November 15, 2023, to March 15, 2024.
He said this would benefit traders and industrialists by reducing the burden of legacy cases and thereby enabling them to enhance their compliance under GST.
Cheema said the total pendency of tax, interest and penalty of up to Rs 1 crore was Rs 6,086.25 crore till March 31, 2023. He said the scheme had 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.
The Minister said those taxpayers whose assessment had been framed till March 31, 2023, shall be eligible to apply for settlement of dues. They could 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.
Cheema said the taxpayers with the amount of total demand (tax, penalty and interest) up to Rs 1 crore as on March 31, 2023, shall be eligible to apply for the settlement. He said the scheme would provide a complete waiver of tax, interest and penalty in cases with pending dues below Rs 1 lakh, whereas waiver of 100 per cent interest, 100 per cent penalty and 50 per cent of the tax amount would be applicable on the pending dues from Rs 1 lakh to Rs 1 crore. No application for settlement of outstanding dues would be entertained after March 15, 2024.
Rs 6,086.25 cr pendency
The taxpayers facing a demand of up to Rs 1 crore as tax, penalty or interest as on March 31, 2023, shall be eligible to apply for settlement under the scheme. — Harpal Singh Cheema, Finance Minister