Punjab Cabinet approves pre-GST arrears settlement scheme for traders
A decision to this effect was taken by the Council Of Ministers at its meeting here.
A spokesperson for the Chief Minister’s Office said the scheme has been launched for recovery of outstanding dues for settlement of pre-GST arrears to enable reduction of compliance burden of legacy cases.
The OTS will be applicable from November 15 and will be valid till March 15, 2024, and taxpayers whose assessments have been framed till March 31, 2023, with amount of total demand (tax, penalty and interest up to March 31, 2023) up to Rs 1 crore shall be eligible to apply for settlement under this scheme.
The OTS would provide complete waiver in case of arrears up to Rs 1 lakh as on March 31 which would cover nearly 39,787 cases and a further waiver of 100 per cent interest, 100 per cent penalty and 50 per cent of the tax amount is being given in nearly 19,361 cases.
