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Punjab Cabinet approves One-Time Settlement Scheme for Traders 

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Punjab cabinet approves one-time settlement scheme for tradersOn January 11, 2021, Punjab Cabinet led by Chief Minister Captain Amarinder singh approved the ‘One Time Settlement (OTS) Scheme for Recovery of Outstanding Dues – 2021’ for Traders to clear their Pending Arrears.

  • The OTS will help Traders to settle their Pending arrears under the Punjab Value Added Tax Act, 2005 & Central Sales Tax Act, 1956.
  • It will cost around INR 121.06 Crore to the Punjab Government.
  • Will benefit Small & Medium Business Dealers/Traders who suffered due to COVID-19.
  • Dealers who have filed assessments upto December 31, 2020 can apply under the scheme till April 30, 2021.

Relief & Penalty:

Based on assessments conducted for 2013-14, around 40, 000 plus dealers with demand of up to INR 1 Lakh will get 90% relief in Tax & 100 % relief in Interest & Penalty.

  • They will pay 10% of due tax & zero amount on account of interest or penalty.
  • The 40, 000 plus dealers will deposit only INR 6.70 Crore against the Total demand of INR 90.52 Crore
  • In Addition, 4, 755 dealers with demands ranging from INR 1-5 Lakh would get 100% relief in Interest & Penalty in assessments conducted for the year 2013-14.
  •  Similarly, arrears of demand pertaining to Financial Years from 2005-06 to 2012-13 would get 90% tax relief & 100% relief in Interest & Penalty.

Recent Related News:

i.July 24, 2020, Punjab Cabinet chaired by Chief Minister Amarinder Singh approved a USD 285.71 million (over Rs 2,130 crore) project for canal-based water supply for Amritsar and Ludhiana cities through video conferencing.

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