Punjab Finance, Planning, Excise, and Taxation Minister Advocate Harpal Singh Cheema announced today that the state government has extended the last date for filing applications under the Punjab One Time Settlement (Amendment) Scheme for recovery of outstanding dues to August 16, 2024.
Revealing this in a press communique issued here, Finance Minister Harpal Singh Cheema said that the extension of the scheme's deadline aimed to reduce the compliance burden of legacy cases and enable trade and industry to enhance their compliance under the GST regime.
The Punjab One Time Settlement Scheme for Recovery of Outstanding Dues, 2023, implemented from November 15, 2023, offers a one-time opportunity for taxpayers to settle their outstanding dues. The scheme was initially valid till June 30, 2024.
Taxpayers whose assessments were framed till March 31, 2024, and all rectification/revision/assessment after remand orders passed till March 31, 2024, under the relevant Acts with a total demand (tax, penalty, and interest as per the original assessment order) up to Rs. One Crore as of March 31, 2024, are eligible to apply for settlement under this Scheme.
Key benefits of the scheme include complete waiver of tax, interest, and penalty in case of arrears up to Rs. 1 lakh as of March 31, 2024, and Waiver of 100% interest, 100% penalty, and 50% of the tax amount in cases with demands ranging from Rs. One lakh to Rs. One Crore. Dealers can submit original statutory forms under CST Act, 1956, at the time of applying under OTS-2023, and waiver will be calculated accordingly.
Minister Cheema emphasized the Chief Minister Bhagwant Singh Mann led Punjab Government's commitment to supporting taxpayers and promoting a tax-compliant culture. He said the extended deadline provides more time for applicants to avail themselves of this beneficial scheme.
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