news details |
|
|
| Finance Minister Harpal Singh Cheema hails success of OTS-2025 as Punjab recovers Rs 110 crore & extends deadline | | |  Early Times Report
CHANDIGARH, Feb 6: Punjab Finance, Excise and Taxation Minister Harpal Singh Cheema on Friday highlighted the strong success of the One Time Settlement of Outstanding Dues, 2025 (OTS-2025), stating that the scheme has already enabled the recovery of ?110 crore while delivering significant financial relief to the trading community across the state.
In a press communique, Punjab Finance and Excise & Taxation Minister Harpal Singh Cheema said, "The Taxation Department has received 7,654 applications since the inception of OTS-2025 on October 1, 2025, resulting in the granting of unprecedented waivers amounting to Rs 38,477 crore." He underlined that the overwhelming response to the scheme clearly reflects "the success of the CM Bhagwant Mann-led Punjab Government's policy of prioritising voluntary compliance over prolonged litigation."
Highlighting the government's responsiveness to industry feedback, the Finance Minister said that the last date for availing the scheme had been extended from December 31, 2025, to March 31, 2026. "This extension has been granted in view of the positive momentum of the scheme and in response to representations from industry associations," he said, adding that "the additional time provides eligible taxpayers sufficient opportunity to evaluate their liabilities and opt for settlement in a transparent and simplified manner."
Reiterating the Bhagwant Mann Government's commitment to ease of doing business and the creation of a trader-friendly tax environment, Advocate Harpal Singh Cheema said, "OTS-2025 offers a complete 100 percent waiver of interest and penalty across all categories, which significantly eases the financial burden on businesses."
He further explained that the scheme also provides substantial slab-wise waivers on the primary tax, stating, "There is a 50 percent waiver for demands up to Rs 1 crore, a 25 percent waiver for demands between Rs 1 crore and Rs 25 crore, and a 10 percent waiver for demands exceeding Rs 25 crore." He added that "similar graded relief is available for demands under Section 14-B of the Punjab General Sales Tax Act, 1948, and Section 51 of the Punjab VAT Act, 2005."
Appealing to traders and taxpayers to avail the benefit of the scheme, the Finance Minister said, "I urge all eligible taxpayers to make full use of this one-time opportunity to regularise their past dues and contribute to the State's revenue in a cooperative spirit." At the same time, he clarified that "while the government remains committed to facilitation, cases where the scheme is not availed may attract action as per law to ensure fairness and discipline within the system." He further stated that, apart from government food grain agencies, all taxpayers are eligible to apply under the scheme by submitting Form OTS-01 at the office of the jurisdictional Assistant Commissioner of State Taxes (ACST). |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
