Trader friendly decisions worth Rs. 1140 crore are approved by the Punjab Cabinet

Trader friendly decisions worth Rs. 1140 crore are approved by the Punjab Cabinet

Reetu | Dec 2, 2021 |

Trader friendly decisions worth Rs. 1140 crore are approved by the Punjab Cabinet

Trader friendly decisions worth Rs. 1140 crore are approved by the Punjab Cabinet

1. Extends exemption in approximately 1.50 lakh cases related to c-form assessment

2. Traders were also exempt from paying 70 percent of excess demand.

3. Only 30% of surplus demand must be deposited at this time.

1st December, Chandigarh: The Punjab Cabinet on Wednesday decided to exempt nearly 1.50 lakh cases from assessment relating to instances of ‘C’ form for the years 2014-15 to 2017-18, providing a substantial relief to traders across the province.

As a result, around 8500 similar cases would now be assessed each year under this category. This pro-trade move would cost the state exchequer Rs. 200 crore.

This decision was made during a Cabinet meeting this afternoon at Punjab Bhawan, which was led by Chief Minister Charanjit Singh Channi.

To increase trade and economic activity in the state, the Cabinet also approved exempting traders from paying 70% of excess demand and requiring them to deposit only 30% of the surplus demand. The state exchequer would be hit with a bill of Rs. 940 crore as a result of this judgement. They would thereafter be obliged to deposit the aforementioned amount, i.e. 20% of the 30% additional demand by March 31, 2022, and the remaining 80% by March 31, 2023.

In the aftermath of the current Covid epidemic, the state government has taken some crucial moves to help dealers. Despite the fact that the VAT regime had ended over four and a half years ago, there was still a tremendous load of VAT assessment on the businesses, as well as difficulty in submitting C-forms and other documents.

Approves OTS policy-2021 for the payment of PSIDC, PFC, AND PAIC Dues

The Cabinet approved One Time Settlement (OTS) Policy-2021 for Punjab State Industrial Development Corporation Ltd. (PSIDC), Punjab Financial Corporation (PFC), and Punjab Agro Industries Corporation (PAIC) for settlement of their dues with this new policy in a bid to rehabilitate and revive the state’s industries by providing a one-of-a-kind opportunity to entrepreneurs of promoted and loanee companies.

In addition to promoting a more business-friendly atmosphere in the state, this policy will aid in the resolution of long-pending lawsuits and settlements between corporations and private investors.

Granted permission for the upgrade of Gharuan, Rajasansi and Dorangla as Sub-Tehsils

The Cabinet also approved the up-gradation of Gharuan (SAS Nagar), Rajasansi (Amritsar), and Dorangla (Gurdaspur) as Sub-Tehsils in order to deliver seamless citizen-centric services to citizens in the neighbourhood of their house. Gharuan will be upgraded to a Sub-Tehsil with one Kanugo Circle, 11 Patwar Circles, and 36 villages, while Dorangla will have two Kanugo Circles, 16 Patwar Circles, and 94 villages, and Rajasansi will have three Kanugo Circles, 18 Patwar Circles, and 44 villages.

Ex-post Facto approval for financial assistance to victim families in the Lakhimpur Khiri incident is granted

The Cabinet also gave ex-post facto approval for the Punjab Government to provide financial assistance of Rs. 50 lakh each from the Chief Minister Relief Fund to the families/legal heirs of the four farmers and one journalist who died in the unfortunate incident of Lakhimpur Khiri (Uttar Pradesh) on October 2, 2021.

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