Punjab Finance Minister Harpal Singh Cheema said that the One Time Settlement (OTS) Scheme for VAT dues has received overwhelming support, under which 7,845 applications involving dues of approximately Rs 298.39 crore have been received and Rs 111.16 crore has been recovered. Calling it a decisive step to eliminate the old tax burden as well as boost revenue, the Finance Minister warned that the deadline for this relief is till March 31, after which the government will go into strict recovery mode and about 8,000 properties have already been identified for this action.
Finance Minister Harpal Singh Cheema Said, a total of Rs 111.16 crore has been received so far from this scheme. The active participation of Ludhiana, Amritsar, Jalandhar, Patiala and Ropar divisions is commendable. The strong support from these key districts reflects the growing awareness of the huge financial benefits of the scheme.
Making a strong appeal, he said, as the scheme is reaching its final phase on March 31, 2026, all eligible taxpayers should come forward and contribute to the development of the state. OTS to businessmen This last opportunity to seamlessly integrate with the state's tax structure by clearing pending VAT dues before the window closes should not be missed. The unprecedented relief and huge discounts given under this scheme are completely time bound.
Urging taxpayers to take advantage of this last opportunity, the Finance Minister warned, after the expiry of the deadline, the current concessional approach of the State Government will naturally translate into strict legal compliance and no-compromise recovery process, thereby bringing the outstanding cases under normal legal scrutiny without any relaxation.
Emphasizing the main objective behind this initiative, Finance Minister Harpal Singh Cheema said, O.T.S. The overwhelming support the scheme has received reflects the confidence of taxpayers in the transparent and pro-business policies of the Punjab government led by Chief Minister Bhagwant Singh Mann. The objective of this initiative is to provide relief, reduce litigation and strengthen the revenue system of the state.
He further explained that this scheme has been specifically designed by the Government to provide a golden opportunity to settle old VAT liabilities by giving huge waiver on interest and penalties, so as to enable the businesses to make a fresh start with clean financial accounts.
