One-Time Settlement Of Pre-GST Dues Is Punjab Government's Diwali Gift For Traders
NDTV
The one-time settlement scheme for pre-GST arrears will be applicable from November 15 and valid till March 15, 2024
In a major Diwali gift to traders of the state, the Punjab cabinet led by Chief Minister Bhagwant Singh Mann today approved the Punjab one-time settlement (OTS) scheme for pre-GST arrears, which will benefit over 60,000 traders.
A spokesperson of the Chief Minister'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 and will be valid till March 15, 2024 and 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, will be eligible to apply for settlement under this scheme.
