Punjab govt scraps 40k stalled cases of VAT against traders
ECONOMY & POLICY

Punjab govt scraps 40k stalled cases of VAT against traders

Punjab Chief Minister Charanjit Singh Channi has scrapped 40,000 pending cases of the Value Added Tax (VAT) from 48,000 cases against traders and industrialists in India.

Addressing the traders, industrialists and entrepreneurs at the Progressive Punjab Investors Summit on the partnership, delivery and growth, Channi said that only 8,000 remaining cases would be settled amicably by acquiring 30% of the total pending tax liability. The 8,000 traders will have to deposit 20% of the tax liability during FY22 and the remaining 80% by the next fiscal year. He said that the initiative would boost investment.

He had also announced that the One Time Settlement (OTS) scheme for the defaulters would be introduced in the Punjab State Industrial Development Corporation (PSIDC) and Punjab Agro Industries Corporation (PAIC). He added that the OTS scheme would also be introduced to the plot holders of Punjab State Industries Export Corporation (PSIEC).

Channi announced laying the foundation stone of the upcoming Green Field airport at Halwara to boost air connectivity in the region, and the project would be completed within eight months.

He said that the electrical connections charges for Medium Scale Industries had been cut down to 50%. About Rs 150 crore will be spent on upgrading the infrastructure. He said that the government would simplify the process of change of Land Use to facilitate the industrialists to set up their ventures easily.

To boost economic activity in the state district borders, the government will acquire requisite land for the Patti-Makhu rail link and give it to the Ministry of Railways before the upcoming Budget.

Image Source

Punjab Chief Minister Charanjit Singh Channi has scrapped 40,000 pending cases of the Value Added Tax (VAT) from 48,000 cases against traders and industrialists in India. Addressing the traders, industrialists and entrepreneurs at the Progressive Punjab Investors Summit on the partnership, delivery and growth, Channi said that only 8,000 remaining cases would be settled amicably by acquiring 30% of the total pending tax liability. The 8,000 traders will have to deposit 20% of the tax liability during FY22 and the remaining 80% by the next fiscal year. He said that the initiative would boost investment. He had also announced that the One Time Settlement (OTS) scheme for the defaulters would be introduced in the Punjab State Industrial Development Corporation (PSIDC) and Punjab Agro Industries Corporation (PAIC). He added that the OTS scheme would also be introduced to the plot holders of Punjab State Industries Export Corporation (PSIEC). Channi announced laying the foundation stone of the upcoming Green Field airport at Halwara to boost air connectivity in the region, and the project would be completed within eight months. He said that the electrical connections charges for Medium Scale Industries had been cut down to 50%. About Rs 150 crore will be spent on upgrading the infrastructure. He said that the government would simplify the process of change of Land Use to facilitate the industrialists to set up their ventures easily. To boost economic activity in the state district borders, the government will acquire requisite land for the Patti-Makhu rail link and give it to the Ministry of Railways before the upcoming Budget. Image Source

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