Punjab Pushes for Final OTS-3 Deadline: Minister Cheema Urges Remaining Firms to Settle Dues by August 16

Punjab Pushes for Final OTS-3 Deadline: Minister Cheema Urges Remaining Firms to Settle Dues by August 16

Punjab Finance Minister Harpal Singh Cheema has called on tax officials to personally reach out to firms that have not yet taken advantage of the Punjab One Time Settlement (Amendment) Scheme (OTS-3), emphasizing the urgency to apply by the August 16, 2024 deadline. In a review meeting at Punjab Bhawan, Cheema evaluated the progress of OTS-3, which has successfully generated ₹141.58 crore in revenue, benefiting 59,182 dealers. The Minister stressed that the effectiveness of division and district-level officials will be measured by their ability to encourage the remaining 11,130 eligible dealers, who missed the initial June deadline, to settle their outstanding dues. He highlighted that the OTS-3 scheme, implemented on November 15, 2023, offers substantial relief, including a full waiver of tax, interest, and penalties for arrears up to ₹1 lakh, and significant reductions for arrears up to ₹1 crore. Cheema reiterated the state government’s commitment, led by Chief Minister Bhagwant Singh Mann, to support taxpayers and bolster revenue collection.

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