Chandigarh, Punjab Finance Minister Harpal Singh Cheema on Tuesday said the state government has extended the last date for filing applications under the Punjab Lump Sum Settlement (Amendment) Scheme for recovery of dues till August 16.
Cheema said the objective of extending the deadline of the scheme is to reduce the compliance burden of old cases and to enable trade and industry to enhance their compliance under the GST regime.
The Punjab One Time Settlement Scheme for Recovery of Outstanding Dues, 2023, has been implemented from November 15, 2023, providing a one-time opportunity to taxpayers to settle their dues.
He said the scheme was initially valid till June 30, 2024.
Taxpayers whose tax assessment was made till 31st March 2024 and all corrections or amendments/assessments after remand order were passed along with total demand (tax, penalty and interest as per original assessment order) under the relevant Acts till 31st March 2024 . People with income up to Rs 1 crore as of March 31, 2024, are eligible to apply for settlement under the scheme, an official statement said.
The main benefits of the scheme include complete waiver of tax, interest and penalty and 50 per cent rebate of 100 per cent interest, 100 per cent penalty and 100 per cent penalty in case of outstanding up to Rs 1 lakh by March 31, 2024. The tax amount in cases where demand ranges from Rs 1 lakh to Rs 1 crore, the statement said.
It added that dealers can submit the original statutory form under the CST Act, 1956 while applying under OTS-2023 and the exemption will be calculated accordingly.
Cheema said that the Punjab government's commitment is to support taxpayers and promote a tax-compliant culture.
He said that the extended deadline provides more time to the applicants to avail the benefits of the scheme.
Cheema said the objective of extending the deadline of the scheme is to reduce the compliance burden of old cases and to enable trade and industry to enhance their compliance under the GST regime.
The Punjab One Time Settlement Scheme for Recovery of Outstanding Dues, 2023, has been implemented from November 15, 2023, providing a one-time opportunity to taxpayers to settle their dues.
He said the scheme was initially valid till June 30, 2024.
Taxpayers whose tax assessment was made till 31st March 2024 and all corrections or amendments/assessments after remand order were passed along with total demand (tax, penalty and interest as per original assessment order) under the relevant Acts till 31st March 2024 . People with income up to Rs 1 crore as of March 31, 2024, are eligible to apply for settlement under the scheme, an official statement said.
The main benefits of the scheme include complete waiver of tax, interest and penalty and 50 per cent rebate of 100 per cent interest, 100 per cent penalty and 100 per cent penalty in case of outstanding up to Rs 1 lakh by March 31, 2024. The tax amount in cases where demand ranges from Rs 1 lakh to Rs 1 crore, the statement said.
It added that dealers can submit the original statutory form under the CST Act, 1956 while applying under OTS-2023 and the exemption will be calculated accordingly.
Cheema said that the Punjab government's commitment is to support taxpayers and promote a tax-compliant culture.
He said that the extended deadline provides more time to the applicants to avail the benefits of the scheme.
