In a significant move to support traders and industrialists, the Punjab Cabinet, led by Chief Minister Bhagwant Singh Mann, has extended the deadline for the One Time Settlement (OTS Scheme 2025) to March 31, 2026. The decision aims to provide much-needed relief to taxpayers who may have missed the earlier deadline.
Addressing the media after the cabinet meeting, Finance Minister Harpal Singh Cheema said that the extension was announced in response to requests from trade associations and GST practitioners. “Many taxpayers were unable to take advantage of the scheme due to the year-end compliance burden. Extending the deadline ensures they can benefit from the OTS scheme,” he added.
Key Features of the OTS Scheme 2025
100% waiver on interest and penalties for eligible categories.
Principal Tax Relief:
Up to ₹1 crore: 50% waiver
₹1 crore to ₹25 crore: 25% waiver
Over ₹25 crore: 10% waiver
The Finance Minister highlighted that over 6,300 applications have already been received, and the extension will allow additional traders to settle their past VAT and CST disputes under the scheme.
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Strict Action Against Defaulters
Minister Cheema also warned that defaulters who fail to avail of the scheme will face strict action. So far, properties worth over ₹91 crore have been attached by the authorities. “This is the last opportunity for traders and rice millers to resolve old disputes. After March 31, 2026, strict recovery proceedings will be initiated against those who do not participate in the OTS scheme,” he said.
Other Key Decisions
Meri Rasoi Yojana: 40 lakh families will receive wheat along with essential ration items like pulses, sugar, salt, and cooking oil.
Infrastructure Development: Funds approved for new roads and infrastructure projects across the state.
Reward Policy: Transparent incentive policy for those assisting in the capture of wanted criminals.
This extension of the OTS Scheme 2025 demonstrates the Punjab government’s commitment to easing compliance burdens for businesses while promoting transparency and economic stability.
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