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Punjab govt gives Diwali gift to over 60,000 traders by introducing OTS of pre-GST arrears

Nov 6, 2023

The one time settlement will be applicable from November 15, 2023 and will be valid till March 15, 2024

The Punjab Cabinet, led by Chief Minister Bhagwant Singh Mann, on Monday gave approval for introducing the Punjab One Time Settlement (OTS) Scheme for settlement of pre-GST arrears, thereby benefiting more than 60,000 traders.

The Chief Minister’s Office said that the scheme has been launched for recovery of outstanding dues, 2023 for settlement of pre-GST arrears to enable reduction of compliance burden of legacy cases. The OTS will be applicable from November 15, 2023 and will be valid till March 15, 2024 and taxpayers whose assessments have been framed till March 31, 2023 with amount of total demand (tax, penalty and interest up to March 31, 2023) up to Rs 1 crore, shall be eligible to apply for settlement under this scheme.

The OTS would provide complete waiver in case of arrears up to Rs 1 lakh as on March 31, 2023, which would cover nearly 39,787 cases and a further waiver of 100% interest, 100% penalty and 50% of the tax amount is being given in nearly 19,361 cases.

The Cabinet also gave nod to start ‘Mukh Mantri’ Tirath Yatra Scheme for enabling the people of the state to visit various pilgrimage sites across the country free of cost from the upcoming parkash purab of Sri Guru Nanak Dev ji on November 27.

The Cabinet also gave its consent to double ex-gratia grant of disabled soldiers, both from military and para-military force. Those with disability from 76% to 100% will get Rs 40 lakh ex-gratia, disabled soldiers with 51% to 75% disability to get Rs 20 lakh and disabled soldiers with 25% to 50% disability to get Rs 10 lakh. "The move is aimed at ensuring the well being of ex-servicemen and their dependents to ensure that they lead a dignified life in the society," said the CMO.

The Cabinet also gave green signal to amend "The East Punjab War Awards Act, 1948” for enhancing the financial assistance of 83 beneficiaries from Rs 10,000 per annum to Rs 20,000 per annum.

[Business Today]

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