Punjab govt extends tax dues settlement scheme deadline till March 31

The Punjab government has extended the deadline for its one-time settlement scheme for outstanding tax dues to March 31, according to Finance Minister Harpal Singh Cheema. Originally slated to end on December 31, the extension was granted following requests from stakeholders like the GST Practitioners Association of Punjab, who cited compliance pressures and practical difficulties for taxpayers. As of now, 6,348 applications have been received under the scheme, indicating significant interest from the trading community.

The scheme addresses pre-GST disputes related to VAT and Central Sales Tax, offering substantial relief including waivers of up to 100% of interest and penalties, and reductions in the principal tax amount. The government acknowledged that overlapping tax deadlines and delays in VAT assessment orders hindered businesses' ability to accurately determine their liabilities.

Cheema emphasized the government’s dedication to simplifying compliance and fostering a business-friendly climate, encouraging eligible traders, industrial units, and rice millers to utilize the scheme. He also cautioned that strict recovery actions would be taken against those who do not settle their dues by the new deadline.

(Source：Business Standard)