In a major boost to the business community ahead of Diwali, the Punjab government, led by Chief Minister Bhagwant Singh Mann, has approved several key decisions aimed at accelerating the state’s economy and encouraging a favorable business environment. This announcement is being hailed as a significant gift for traders and industrialists.
According to Sahil Agarwal, State Secretary of the Punjab Trade Cell, the government has approved a One-Time Settlement (OTS) scheme to clear outstanding dues and provide relief to industries. The scheme will be effective from October 1 to December 31, offering substantial discounts on tax dues, interest, and penalties.
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Under this scheme, cases with dues up to ₹1 crore will receive a 50% waiver on tax amounts and a 100% waiver on interest and penalties. For dues up to ₹25 crores, relief will be provided according to different categories, while dues exceeding ₹25 crores will receive a 10% waiver on tax amounts along with a full waiver on interest and penalties.
Parmpal Singh Bawa, Rural President of the Trade Wing, stated that the OTS scheme has also been approved specifically for rice mill owners. This initiative aims to revive non-performing mills, increase employment opportunities, and ensure timely benefits for farmers during the Kharif season.
Rohit Verma, President of the Urban Trade Wing, added that the Punjab cabinet has also approved amendments to the GST Act to simplify compliance and provide ease to taxpayers.
The announcement was made during a meeting attended by prominent leaders including Jatinder Khangu, Urban District President of AAP Ludhiana and Chairman of the Planning Board, along with media in-charge Puneet Sahni, Secretary Shekhar Grover, Chirag Thapar, Raj Kumar Agarwal, Varun Sharma, Tajinder Singh, Gurpal Singh, Aman Thapar, Goldie Singh, Kamalpreet Singh, Inderpreet Singh, Mohit Mittal, Anuj Chaudhary, Roshan Lal, Fateh Chand Khosla, Harmit Singh Bhatia, Jatinder Singh Hudda, and others.
This move is expected to revitalize Punjab’s industrial sector, promote economic growth, and enhance the overall business climate in the state.
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