Pre-GST arrears: OTS scheme evokes good response, Punjab collects Rs.62 cr
Chandigarh : The one-time settlement (OTS) scheme rolled out by the Punjab government for settling value-added tax (VAT) arrears has received a good response.
The OTS scheme 2023-24 launched by the state government five months ago for settlement of outstanding tax dues of the pre-goods and services tax (pre-GST) period has helped the state government collect Rs62.29 crore from 44,503 traders who had submitted applications till March 31. Of these, 40,463 traders had tax arrears up to Rs1 lakh and another 4,040 traders were in the Rs100,001- Rs1 crore tax slab, according to department sources.
Those with arrears up to Rs1 lakh as on March 31, 2023, have been provided waiver of 100% tax, penalty and interest, whereas 50% waiver of tax and 100% waiver of penalty and interest has been given to those with tax arrears between Rs1,00,001 and Rs1 crore.
