Punjab News: Punjab’s Finance, Planning, Excise, and Taxation Minister Harpal Singh Cheema hailed the One Time Settlement (OTS-3) scheme as a monumental success, announcing today that it has amassed a substantial Rs. 137.66 crore in tax revenue. This achievement marks a stark contrast to the meager Rs. 13.15 crore collected under previous OTS iterations, reflecting a robust uptake among the state’s dealers.
Cheema, addressing a press conference at Punjab Bhawan, underscored the scheme’s efficacy under Chief Minister Bhagwant Singh Mann’s administration, attributing its success to a proactive stance in fostering a tax-compliant culture. He revealed that 58,756 dealers have benefited from OTS-3, highlighting its significant impact in easing financial burdens for businesses.
Punjab’s OTS-3 Initiative Garners Massive Tax Revenue, Extends Deadline
The scheme, implemented on November 15, 2023, has facilitated the waiver of Rs. 215.92 crore for 50,774 dealers with arrears up to Rs. 1 lakh, and Rs. 414.67 crore for 7,982 dealers with arrears ranging from Rs. 1 lakh to Rs. 1 crore. Cheema emphasized that the extension of OTS-3 until August 16, 2024, aims to accommodate the remaining 11,559 dealers, providing them with additional time to avail themselves of the scheme’s benefits.
“The response to OTS-3 underscores its investor-friendly approach and the government’s unwavering commitment to supporting taxpayers,” remarked Cheema, highlighting the scheme’s streamlined process, which includes the submission of additional statutory declaration forms to mitigate liabilities.
The Punjab government’s proactive measures
The Punjab government’s proactive measures and the scheme’s success have garnered praise, setting a benchmark for financial prudence and taxpayer support initiatives across the country. As Punjab continues to navigate economic challenges, OTS-3 stands as a testament to effective governance and responsive fiscal policies aimed at bolstering economic resilience.
With the deadline extension, stakeholders and taxpayers are encouraged to seize this opportunity to settle outstanding dues, further contributing to Punjab’s economic stability and growth trajectory.
For further details and updates on OTS-3, interested parties are advised to consult official announcements from the Punjab Finance, Planning, Excise, and Taxation Department.
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