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The Punjab cabinet has given approval for introducing a One-Time Settlement (OTS) Scheme for pre-GST arrears, thereby benefitting more than 60,000 traders.

Giving details of the scheme, Punjab chief minister Bhagwant Mann’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, 2023, and will be valid till March 15, 2024. 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, 2023 which would cover nearly 39,787 cases and a further, waiver of 100% interest, 100% penalty and 50% of the tax amount is being given in nearly 19,361 cases.

The Cabinet also gave the ex-post facto approval to constitute a sub-committee and thereafter amendments regarding Theka Employees Sanghrash Morcha Punjab, Land Acquisition Sangharsh Committee and others, Gazetted & Non-Gazetted SC., B.C. Employees Welfare Federation Punjab and others, Sub-Committee constituted for issues related to 31 Members Core Committee and representative for the issues related to the GOG.