CMO Punjab Scraps 40000 VAT cases against industrialist & traders

CMO Punjab Scraps 40000 VAT cases against industrialist & traders In a much-needed reprieve for the state's trade and industry, Punjab Chief Minister Mr Charanjit Singh Channi announced on Wednesday that 40,000 pending VAT cases, out of a total of 48,000 cases related to the fiscal years 2014-15, 2015-16, and 2016-17, would be dropped against traders and industrialists across the state. Addressing a galaxy of industrialists, traders, and prospective entrepreneurs on the second day of the 4th Progressive Punjab Investors Summit on the theme of 'A storey of Partnership, Delivery, and Growth: Investors Reassured' here, CM Channi said that only 8000 remaining cases will be settled amicably by asking the concerned traders/ industrialists to deposit just 30% of the total outstanding tax liability, thus saving them from a lot of inconvenience caused to them. He further relieved them by announcing that they will only have to deposit 20% of the aforementioned tax liability during the current fiscal year and the remaining 80% by the following fiscal year. CM Channi stated unequivocally that this industrial-friendly initiative will go a long way in boosting their morale to invest significantly, adding that the state government will act as a facilitator to promote industry to new heights of glory. Assuring the best air connectivity to boost economic activity in the region, CM Channi also announced that the foundation stone of the upcoming Green Field airport at Halwara (Ludhiana) will be laid on November 15 and that the prestigious airport will be completed in eight months. Reiterating his government's firm commitment to creating a conducive ecosystem for ease of doing business in the state, CM Channi assured trade and industry of his government's full support in establishing Punjab as the frontrunner state not just in the country but globally.