Punjab Extends One-Time Settlement Scheme Deadline to August 16

The Punjab government has extended the deadline for its One Time Settlement Scheme for Recovery of Outstanding Dues to August 16. The scheme, aimed at easing compliance for legacy cases under the GST regime, was initially valid till June 30, 2024, and offers significant waivers for eligible taxpayers.

The Punjab government has announced an extension to the deadline for its One Time Settlement Scheme for Recovery of Outstanding Dues, moving the final application date to August 16. This extension is designed to alleviate the compliance burden on legacy cases and support the trade and industry sectors in enhancing their GST compliance.

Originally launched on November 15, 2023, the scheme was set to expire on June 30, 2024. It offers a one-time chance for taxpayers to settle outstanding dues with significant benefits. Eligible taxpayers with assessments framed until March 31, 2024, can apply for settlement, provided their total demand, including tax, penalty, and interest, is up to Rs 1 crore.

Notable benefits include a total waiver of tax, interest, and penalty for arrears up to Rs 1 lakh and substantial reductions for higher amounts. Punjab Finance Minister Harpal Singh Cheema emphasized that the extension reflects the government's commitment to promoting a tax-compliant culture and supporting taxpayers.

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