Chandigarh, March 23:Punjab Finance Minister Advocate Harpal Singh Cheema has reported a robust turnout for the VAT One-Time Settlement (OTS) scheme, noting that ₹111.16 crore has been successfully recovered from key districts. Speaking in Chandigarh, the Minister affirmed that the scheme has processed 7,845 applications to date, addressing legacy arrears totaling nearly ₹298.39 crore. He declared that the high level of engagement from industrial hubs demonstrates that the business community appreciates the state’s efforts to simplify tax compliance and resolve long-standing disputes.
The Finance Minister stated that the initiative was specifically crafted to reduce the burden of litigation and bolster the state’s revenue through a cooperative approach. He maintained that while the government is currently in a mode of facilitation, this posture will shift toward statutory compliance and recovery once the relief window closes. He asserted that approximately 8,000 properties have been mapped for potential action should dues remain unresolved after the March 31 deadline. The Minister declared that the government remains committed to maintaining a business-friendly environment but reminded stakeholders that the substantial waivers currently available are temporary.
Finance Minister Harpal Singh Cheema affirmed that the success of the OTS scheme reflects the transparency of the Bhagwant Singh Mann-led government. He maintained that the relief provided on interest and penalties allows businesses to start afresh without the weight of old VAT liabilities. He declared that it is essential for traders to utilize this final opportunity to settle their accounts, as the state will shift back to uncompromising recovery protocols for any remaining legacy accounts after the scheme concludes.
