Chandigarh, August 20, 2024 (Yes Punjab News)
Punjab Finance, Planning, Excise and Taxation Minister Advocate Harpal Singh Cheema announced on Tuesday that a total of 70,311 dealers have availed the benefits of One Time Settlement Scheme-3 (OTS-3), launched by the Punjab Government in November 2023 to reduce and streamline legacy tax issues.
Revealing this in a press communiqué issued here, Finance Minister Harpal Singh Cheema said that the OTS-3 also resulted in a significant addition of Rs. 164.35 Crore to the Government Treasury.” This stands in contrast to the OTS-1 and OTS-2 schemes launched by previous governments, which realized a total tax revenue of only Rs. 13.15 Crore from 31,768 cases”, he added.
Disclosing further, the Finance Minister said that 50,903 dealers with arrears up to Rs. 1 Lakh benefited from a 100% waiver of tax, interest, and penalty Under OTS-3, which resulted in a total waiver of Rs. 221.75 Crore.
“Additionally, 19,408 dealers with arrears between Rs. 1 Lakh and Rs. 1 Crore availed the benefit of 100% waiver of interest and penalty, and 50% waiver in tax, amounting to a total waiver of Rs. 644.46 Crore”, said Harpal Singh Cheema.
The Finance Minister said that the scheme covered cases till the assessment year 2016-17, with arrears up to Rs. 1 Crore. He said the dealers who applied under OTS-3 submitted original statutory forms under the CST Act, 1956, and the waiver was calculated accordingly. Furthermore, applicants were provided with a facility to submit additional statutory declaration forms, which reduced their liability.
