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Home Punjab Cabinet okays ‘Punjab one time settlement scheme for recovery of outstanding dues-2021’

Cabinet okays ‘Punjab one time settlement scheme for recovery of outstanding dues-2021’

Chandigarh: The Punjab Cabinet led by Chief Minister Captain Amarinder Singh on Monday approved the ‘Punjab One Time Settlement Scheme for Recovery of Outstanding Dues-2021’ to clear and settle their pending arrears.

 

With the implementation of OTS, the state exchequer would bear a financial burden of Rs.121.06 crore.

 

Divulging the details, a spokesperson of the Chief Minister’s Office said that the scheme would be implemented from February 1, 2021, across the state under which all the dealers whose assessments have been framed upto December 31, 2020 could apply under the scheme till April 30, 2021.

The dealer can even submit additional statutory forms like C-forms which were not produced at the time of assessment, with the application form and will have to make the self-assessment and submit the proof of payment net tax payable as the result of the settlement.

The concerned Ward in-charge would issue an order of settlement which would not be reopened in any proceeding by way of review or revision.

It may be recalled that COVID-19 has resulted in an unprecedented situation for all sections of society.

The business community, especially, the small dealers have suffered a lot due to lockdown and subsequent decline in business activity. Various trade associations raised a concern that they are facing difficulties in procuring statutory forms prescribed under the Central Sales Tax Act, 1956 for availing concessional/nil rate of tax on interstate transactions.

 

They also urged the state government for settling their outstanding dues by introducing of One Time Settlement Scheme for the clearance and settlement of outstanding arrears under the Punjab Value Added Tax Act, 2005 and Central Sales-tax Act, 1956.

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