Punjab News: The Punjab Cabinet, under the leadership of Chief Minister Bhagwant Singh Mann, granted its approval on Monday for the implementation of the Punjab One Time Settlement (OTS) Scheme. This scheme is designed to address pre-GST arrears and is expected to benefit over 60,000 traders.
Scheme aims to recover dues for the year 2023:
According to the Chief Minister’s Office, the OTS Scheme aims to recover dues for the year 2023 and settle pre-GST arrears. This initiative will alleviate the compliance burden associated with legacy cases. The scheme will come into effect on November 15, 2023, and will remain valid until March 15, 2024. Taxpayers whose assessments have been completed by March 31, 2023, with a total demand (comprising tax, penalty, and interest up to March 31, 2023) of up to Rs 1 crore, will be eligible to apply for settlement under this program.
OTS will offer a complete waiver for arrears up to Rs 1 lakh:
The OTS will offer a complete waiver for arrears up to Rs 1 lakh as of March 31, 2023, benefiting nearly 39,787 cases. Additionally, it will provide a further waiver of 100% interest, 100% penalty, and 50% of the tax amount for approximately 19,361 cases.
In another significant decision, the Cabinet approved the commencement of the ‘Mukh Mantri’ Tirath Yatra Scheme, allowing the people of the state to visit various pilgrimage sites across the country at no cost. This initiative will begin from the upcoming parkash purab of Sri Guru Nanak Dev Ji on November 27.
Cabinet extended support to disabled soldiers:
Furthermore, the Cabinet extended support to disabled soldiers, both from the military and para-military forces, by doubling the ex-gratia grant. Under this revision, soldiers with disabilities ranging from 76% to 100% will receive Rs 40 lakh as ex-gratia, those with disabilities from 51% to 75% will be granted Rs 20 lakh, and individuals with disabilities from 25% to 50% will receive Rs 10 lakh. This move aims to ensure the well-being of ex-servicemen and their dependents, enabling them to lead dignified lives in society.
Lastly, the Cabinet approved an amendment to “The East Punjab War Awards Act, 1948,” increasing the financial assistance provided to 83 beneficiaries from Rs 10,000 per annum to Rs 20,000 per annum.
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