OTS-3; Cheema Directs Tax Officials To Ensure Remaining Firms Settle Outstanding Dues by August 16

Chandigarh: Punjab Finance, Planning, Excise and Taxation Minister Advocate Harpal Singh Cheema today directed tax officials to personally reach out to the remaining firms that have not yet availed the benefits of the Punjab One Time Settlement (Amendment) Scheme (OTS-3), urging them to apply by August 16, 2024, the last date of the scheme. This initiative aims to encourage the remaining firms to take advantage of the scheme and settle their outstanding dues.

During a review meeting held here at Punjab Bhawan, the Finance Minister assessed the progress made under OTS-3 and emphasised the need for division and district-level officials to intensify their efforts in reaching out to the remaining 11,130 dealers that missed the initial June deadline and have yet to apply under the scheme. The meeting was attended by Additional Chief Secretary-cum-Finance Commissioner Vikas Pratap, Excise and Taxation Commissioner Varun Roojam, and Senior Officers of the Taxation department along with division-level officers and district-level officers participating via video conference.

Cabinet Minister Cheema highlighted the success of OTS-3, which has generated a remarkable Rs. 141.58 Crore in tax revenue, with 59,182 dealers availing the benefits. He emphasized that the efficacy and commitment of the officers concerned would be assessed based on their success in further encouraging the remaining firms to avail the benefits of the scheme. “Chief Minister Bhagwant Singh Mann led Punjab Government aims to provide relief to taxpayers and boost revenue collection. All officials must ensure that all eligible firms are informed and encouraged to take advantage of the scheme, contributing to the state’s economic growth”, said Cheema.

Notably, OTS-3, implemented on November 15, 2023, offers a one-time opportunity for taxpayers to settle their outstanding dues, covering cases till the assessment year 2016-17 and having arrears up to Rs. 1 Crore. The scheme provides a complete waiver of tax, interest, and penalty in case of arrears up to Rs. 1 lakh as of March 31, 2024, and a waiver of 100% interest, 100% penalty, and 50% of the tax amount in cases with demands ranging from Rs. One lakh to Rs. One Crore.