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Punjab Govt Announces Diwali Gift For Traders: One-Time Settlement Of Pre-GST Dues
Writer: Tanya Chaturvedi
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India, 10 Nov 2023 12:22 PM GMT
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Creatives : Tanya Chaturvedi
As a dedicated content writer, I thrive on the art of storytelling through various media forms. My passion lies in creating engaging, informative and visually captivating content that resonates with audience across platforms.
Under the OTS, traders with arrears up to ₹1 lakh as of March 31, 2023, will receive a complete waiver, covering approximately 39,787 cases. Additionally, around 19,361 cases will benefit from a 100 percent waiver of interest, 100 percent waiver of penalties, and a 50 percent reduction in the tax amount.
In a significant Diwali announcement, the Punjab cabinet, under the leadership of Chief Minister Bhagwant Singh Mann, has granted a major relief to the state's traders. The cabinet approved the Punjab one-time settlement (OTS) scheme for pre-GST arrears, a move set to benefit over 60,000 traders.
According to a spokesperson from the Chief Minister's Office, the OTS scheme aims to facilitate the recovery of outstanding dues for the settlement of pre-GST arrears, ultimately reducing the compliance burden associated with legacy cases. The scheme, slated to be in effect from November 15 to March 15, 2024, targets taxpayers with assessments framed until March 31, 2023, and total demands (tax, penalty, and interest up to March 31, 2023) up to ₹1 crore.
Under the OTS, traders with arrears up to ₹1 lakh as of March 31, 2023, will receive a complete waiver, covering approximately 39,787 cases. Additionally, around 19,361 cases will benefit from a 100 percent waiver of interest, 100 percent waiver of penalties, and a 50 percent reduction in the tax amount.
In a broader spectrum of initiatives, the cabinet greenlit the 'Mukh Mantri' Tirath Yatra scheme, allowing residents of the state to visit pilgrimage sites across the country for free, starting from the upcoming Parkash Purab of Sri Guru Nanak Dev Ji on November 27.
Furthermore, the cabinet approved a substantial increase in ex-gratia grants for disabled soldiers, both from the military and paramilitary, with disabilities ranging from 76 percent to 100 percent, 51 percent to 75 percent, and 25 percent to 50 percent, respectively.
Other approvals include amendments to 'The East Punjab War Awards Act, 1948,' increasing financial assistance to beneficiaries from ₹10,000 to ₹20,000 per annum. Additionally, the creation of a state cadre of Patwaris and Kanungos was greenlighted to streamline the functioning of the revenue department.
The cabinet also gave ex-post facto approval to the formation of a subcommittee, along with subsequent amendments regarding Theka Employees Sanghrash Morcha Punjab, Land Acquisition Sangharsh Committee, and others.
In a final nod, the cabinet approved the annual administrative reports of the police department and the vigilance bureau for 2020 and 2022, respectively. Reports of the Social Security and Women and Child Development, and Labour Department for the year 2022-23 and 2019-20, respectively, were also cleared by the cabinet.
This comprehensive set of decisions reflects the Punjab government's commitment to addressing a range of issues, providing relief to traders, and enhancing support for the armed forces and war veterans.
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