Photo Source: Babushahi Bureau
Punjab extends last date for OTS for recovery of outstanding dues to August 16
Babushahi Bureau
Chandigarh, July 2, 2024: Punjab Finance, Planning, Excise and Taxation Minister Advocate Harpal Singh Cheema today announced that the state government has extended the last date for filing applications under the Punjab One-Time Settlement (Amendment) Scheme for recovery of arrears till August 16, 2024.
Disclosing this in a press statement issued here, Finance Minister Harpal Singh Cheema said that the objective of extending the time frame of the scheme is to reduce the burden of compliance cases and facilitate business and industry in their compliance under the GST system. To enable to increase
The Punjab Lump Sum Settlement Scheme for Recovery of Dues, 2023, effective from November 15, 2023, provides an opportunity to taxpayers for a lump sum settlement of their dues. The scheme was initially valid till June 30, 2024.
Taxpayers who were assessed up to March 31, 2024 and after passing remand order up to March 31, 2024 all rectification/amendment/assessment Total
Demands (principal, interest, penalty and interest as per assessment order) amounting to one crore till March 31, 2024 under the relevant Acts are eligible to apply for settlement under this scheme.
Key benefits of the scheme include complete exemption of tax, interest and penalty in case of balance up to Rs 1 lakh till March 31, 2024 and 100% interest, 100% penalty in case of balance between Rs one lakh and one crore. , and 50% of the tax amount is exempted. Dealers can submit original copy of legal form under CST Act, 1956 under OTS-2023 and exemption will be calculated accordingly.
Finance Minister Harpal Singh Cheema emphasized the commitment of Punjab government led by Chief Minister Bhagwant Singh Mann to give full support to tax payers and promote the culture of Karpalana.
He said that the extension of the deadline has given more opportunity to the applicants to avail this beneficial scheme.