Chandigarh: Punjab finance minister Harpal Singh Cheema on Sunday said the one-time settlement (OTS) scheme for VAT arrears witnessed an overwhelming response, with 7,845 applications covering dues of around Rs 298.39 crore and Rs 111.16 crore already recovered.Positioning it as a decisive push to clean up legacy tax burdens while boosting revenue, he warned, “The relief window closes on March 31, after which the govt will shift to strict recovery mode, with nearly 8,000 properties already identified for action.”Cheema stated, “The scheme has already resulted in a total realisation of Rs 111.16 crore. The active participation from the Ludhiana, Amritsar, Jalandhar, Patiala and Ropar divisions is commendable. The strong response from these key districts demonstrates a growing awareness of the scheme’s immense financial benefits.”Issuing an appeal, he said all eligible taxpayers must step forward and contribute to the state’s growth as the scheme approached its definitive conclusion on March 31. “Businesspersons must not miss this last opportunity to resolve pending VAT arrears and seamlessly align with the state’s taxation frameworks before the OTS window closes permanently. The unprecedented leniency and substantial waivers offered under this scheme are strictly time-bound,” he said.Encouraging taxpayers to utilise the final window, he cautioned, “The state govt’s current posture of facilitation and waiver will naturally transition back to strict statutory compliance and uncompromising recovery protocols once the deadline lapses, leaving unresolved legacy accounts subject to standard regulatory scrutiny without the shield of these concessions.”Ends MSID:: 129733927 413 |
