Punjab recovers Rs 111 crore under VAT arrears one-time settlement scheme: FM Harpal Singh Cheema
Punjab has recovered Rs 111 crore through its VAT arrears one-time settlement scheme, with a deadline of March 31st.Summary
Punjab has recovered over Rs 111 crore under its one-time settlement scheme for Value Added Tax (VAT) arrears, according to Finance Minister Harpal Singh Cheema. The total dues covered by the initiative amount to nearly Rs 298.39 crore. Cheema described the scheme as a significant step towards resolving old tax liabilities and bolstering state revenues, emphasizing that the deadline for participation is March 31st.
Approximately 7,845 applications have been filed, contributing to the Rs 111.16 crore collected so far. Key divisions like Ludhiana, Amritsar, Jalandhar, Patiala, and Ropar have shown strong engagement, indicating growing awareness of the scheme’s financial advantages.
Following the March 31st deadline, the government intends to implement strict recovery measures, having already identified nearly 8,000 properties for potential action. Cheema urged eligible taxpayers to utilize this final opportunity to settle their outstanding VAT dues and comply with the state’s tax regulations.
(Source：The Economic Times)