Chandigarh, March 23:The One-Time Settlement (OTS) scheme for VAT arrears has garnered a significant response from the business community, with a recovery of ₹111.16 crore already recorded. Punjab Finance Minister Advocate Harpal Singh Cheema affirmed on Sunday that 7,845 applications have been received so far, covering total dues amounting to approximately ₹298.39 crore. The Minister maintained that this active participation, particularly from major divisions like Ludhiana, Amritsar, Jalandhar, Patiala, and Ropar, reflects a growing confidence in the transparent and business-friendly policies of the state administration.
Finance Minister Harpal Singh Cheema declared that the scheme is designed to offer a clean slate to businesses by providing substantial relief on legacy tax burdens and reducing litigation. He asserted that the initiative serves as a golden opportunity for traders to settle old liabilities with waivers on interest and penalties. However, he also issued a caution that this window is strictly time-bound and set to close on March 31, 2026. According to the Minister, the government intends to transition toward standard recovery protocols once the deadline passes, noting that around 8,000 properties have already been identified for necessary action where dues remain unpaid.
The Minister declared that the overwhelming response to the OTS scheme is a testament to the trust taxpayers place in the leadership of Chief Minister Bhagwant Singh Mann. He maintained that the state government’s current focus on facilitation and relief aims to strengthen the revenue system while allowing businesses to align seamlessly with taxation frameworks. He urged all eligible taxpayers to step forward before the window shuts permanently, as the unprecedented leniency offered under the current scheme will not be available after the month ends.
