70,311 dealers availed OTS-3, added ₹164 cr to exchequer: Cheema
This stands in contrast to the OTS-1 and OTS-2 schemes launched by previous governments, which realised a total tax revenue of only ₹13.15 crore from 31,768 cases.
Chandigarh
Punjab finance and taxation minister Harpal Singh Cheema announced on Tuesday that a total of 70,311 dealers have availed the benefits of One Time Settlement Scheme-3” (OTS-3) launched by the state government in November 2023 to reduce and streamline legacy tax issues.
Cheema said that OTS-3 resulted in an addition of ₹164.35 crore to the government treasury. “This stands in contrast to the OTS-1 and OTS-2 schemes launched by previous governments, which realised a total tax revenue of only ₹13.15 crore from 31,768 cases,” he added.
The minister said 50,903 dealers with arrears up to ₹1 lakh benefited from a 100% waiver of tax, interest and penalty under the OTS-3, which resulted in a total waiver of ₹221.75 crore. “Additionally, 19,408 dealers with arrears between ₹1 lakh and ₹1 crore availed the benefit of 100% waiver of interest and penalty and 50% waiver in tax, amounting to a total waiver of ₹644.46 crore,” Cheema added.
He said the scheme covered cases till the assessment year 2016-17, with arrears up to ₹1 crore. The dealers who applied under the OTS-3 submitted original statutory forms under the CST Act, 1956, and the waiver was calculated accordingly, the minister added. Furthermore, applicants were provided with a facility to submit additional statutory declaration forms, which reduced their liability, he said.