OTS-3 ESTABLISHES AS A RESONANT SUCCESS: CHEEMA SAYS IT COLLECTS RS. 137.66 CRORE IN TAX REVENUE.
Harpal Singh Cheema, the minister of finance, planning: Plan extended through August 16th to provide opportunity for the remaining 11,559 dealers.
Harpal Singh Cheema, the minister of finance, planning, excise, and taxes for Punjab, declared today that the OTS-3, or Punjab One Time Settlement (Amendment) Scheme, has surpassed all prior schemes and is now one of the nation’s most successful financial systems.
Finance Minister Harpal Singh Cheema, speaking at a news conference at Punjab Bhawan, stated that the OTS-3 has produced an astounding Rs. 137.66 Crore in tax income, which is a significant rise over the total collection of Rs. 13.15 Crore from OTS-1 and OTS-2 adopted by previous governments. “This accomplishment shows the effectiveness of the program and the Punjab Government’s dedication to promoting a tax-compliant culture under Chief Minister Bhagwant Singh Mann’s direction,” Cheema stated.
The Finance Minister went on to say that dealers’ liability was decreased by having the option to submit additional statutory statement forms when requesting an OTS-3. 58,756 merchants have benefited from OTS-3. He said, “Amounts waived off: Rs. 414.67 crores for 7,982 dealers in the slab of from Rs. 1 lac to Rs. 1 Crore, and Rs. 215.92 crores for 50,774 dealers in the slab of up to Rs. 1 lac arrears.
Finance Minister Cheema complimented the government’s dedication to helping taxpayers and OTS-3’s investor-friendly strategy for its achievement. He stated that the purpose of extending the program through August 16, 2024, is to give the remaining 11,559 dealers further time to take advantage of this offer.
Specifically, the November 15, 2023, implementation of the Punjab One Time Settlement Scheme for Recovery of Outstanding Dues, 2023, provides taxpayers with a one-time chance to pay off their outstanding debts. It includes cases with arrears up to Rs. 1 crore and spans assessment years 2016–17. In case of arrears up to Rs. 1 lakh as of March 31, 2024, the scheme includes a total waiver of tax, interest, and penalty. In cases where demands range from Rs. 1 lakh to Rs. 1 crore, the scheme includes a remission of 100% interest, 100% penalty, and 50% of the tax amount.
