Punjab Cabinet Introduces Comprehensive OTS Scheme for Tax Arrears and Pending Dues

The Punjab Cabinet approved a One-Time Settlement (OTS) scheme to resolve tax arrears before GST implementation, benefiting over 20,000 traders. It encompasses pending dues under multiple state laws with waivers on interest and penalties. Additionally, prosecution sanctions and infrastructure legal amendments were discussed in the meeting.

The Punjab Cabinet has launched a One-Time Settlement (OTS) scheme to address tax arrears amounting to Rs 11,968 crore pending under various laws before the implementation of GST.

In a meeting chaired by Chief Minister Bhagwant Mann, several key decisions were taken, including prosecution against former minister Sadhu Singh Dharamsot for corruption. A new special court in Mohali will also be set up to handle cases related to the National Investigation Agency and other enforcement bodies.

Finance Minister Harpal Singh Cheema elaborated on the OTS scheme, which provides considerable waivers on penalties and interest for pending dues, aiming to recover Rs 3,344.50 crore while waiving Rs 8,441.56 crore. The initiative is expected to significantly benefit the state's trade and industry sectors.

(With inputs from agencies.)