Diwali Gift to Traders: Punjab Cabinet approves Pre-GST Arrears Settlement Scheme for Traders

The Punjab Cabinet, led by Chief Minister Bhagwant Mann, approved the One Time Settlement (OTS) Scheme for paying pre-GST arrears on Monday, benefiting over 60,000 traders as a Diwali Gift.

The Council of Ministers made this decision during its meeting here.

According to a spokesperson for the Chief Minister’s Office, the initiative was introduced to recover outstanding dues for the settlement of pre-GST arrears in order to reduce the compliance burden of legacy cases.

The One Time Settlement Scheme (OTS) will be in effect beginning November 15 and will be valid until March 15, 2024, and taxpayers whose assessments have been framed until March 31, 2023, with a total demand (tax, penalty, and interest up to March 31, 2023) of up to Rs. 1 crore will be eligible to apply for settlement under this scheme.

This OTS would provide a complete waiver in cases of arrears up to Rs. 1 lakh as of March 31, covering roughly 39,787 cases, and a further remission of 100% interest, 100% penalty, and 50% of the tax amount is being provided in almost 19,361 cases.

Following in the footsteps of neighbouring Haryana, the Cabinet approved the launch of the ‘Mukh Mantri’ Tirath Yatra Scheme, which would allow residents of the state to visit various pilgrimage sites around the country for free beginning with Guru Nanak Dev’s Parkash Purab on November 27.

Sri Hazur Sahib Nanded, Patna Sahib, Varanasi, Ayodhya mandir, Vrindavan, Sri Ajmer Sharif, Anandpur Sahib, Amritsar, Mata Vaishno Devi, and Mata Jawalaji are among the pilgrimage places.

According to the plan, there will be two forms of transportation. The train will be the form of transportation for long-distance destinations, while the road will be the mode of transportation for lesser distances.

The Cabinet also agreed to double the ex-gratia grant for disabled soldiers from the military and paramilitary forces with disabilities ranging from 76% to 100% to Rs. 40 lakh, disabled soldiers with 51-75% disability to Rs. 20 lakh, and disabled soldiers with 25% to 50% disability to Rs. 10 lakh.

Soldiers with disabilities ranging from 76% to 100% formerly received Rs. 20 lakh, disabled soldiers with 51-75% disabilities received Rs. 10 lakh, and disabled soldiers with 25% to 50% disabilities received Rs. 5 lakh. According to an official statement, the action is intended to protect the well-being of ex-servicemen and their dependents so that they can live a decent life in society.