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02/03/2021 03:02pm

Session on One Time Settlement Scheme for Traders in Mohali

image Session on One Time Settlement Scheme for Traders in Mohali

Mohali, Mar 2 (KNN) Mohali Industries Association (MIA) on Tuesday held a session to educate traders about One Time Settlement Scheme (OTS) which was cleared by the Punjab Government in January.

A presentation about the scheme and its applicability was shared with the participants present on the occasion.
 
All dealers whose assessments have been framed up to December 31, 2020 could apply for the benefit under the scheme till April 30.

The outstanding dues table regarding waiver was also explained in the session.

Outstanding dues between one thousand to one lakh will get a waiver of 90 per cent on tax, 100 per cent waiver on interest amount levied and 100 per cent waiver on penalty amount. For outstanding dues between 1 lakh to 5 lakh there is no waiver on tax, 100 per cent waiver on interest amount levied and 100 per cent waiver on penalty amount.

There is no waiver for outstanding dues between 5 lakh to 10 lakh and for those who have outstanding of 10 lakh and above. For each assessment year Form OTS 1 shall be filed separately.
 
Yogesh Sagar, President, MIA thanked the Chief Minister Punjab for clearing the OTS Scheme and also urged the Punjab Government to raise the waiver of penalty limit from Rs 5 lakh to Rs 10 lakh so that more number of assesses can take benefit of this scheme.

Rajeev Gupta, General Secretary said that the above scheme is beneficial for traders and manufacturers and it will also help them to get 100 per cent compliance from the assesses.

Baldeep Kaur, DETC (GST) Mohali and Anupreet Kaur, ETO cum State Tax Officer VAT & GST participated in the session and cleared the doubts of the members present in the session.

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