Latest News | Punjab CM Announces to Scrap 40,000 Cases of VAT Against Industrialists, Traders

Ludhiana, Oct 27 (PTI) Punjab Chief Minister Charanjit Singh Channi on Wednesday announced to scrap 40,000 pending cases of value-added tax (VAT), out of the total 48,000 cases related to the financial years 2014-15, 2015-16 and 2016-17, against traders and industrialists across the state.

He was addressing a galaxy of industrialists, traders and prospective entrepreneurs on the second day of 4th Progressive Punjab Investors Summit on the theme of 'A story of Partnership, Delivery & Growth: Investors Reassured' here.

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CM Channi said only 8,000 remaining cases will be settled amicably by asking the concerned traders/ industrialists to deposit only 30 per cent of the total outstanding tax liability, thus saving them from a lot of inconvenience caused to them on this count.

He announced that they will only have to deposit 20 per cent of the tax liability during the current fiscal and the balance 80 per cent by the next.

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CM Channi said this industrial-friendly initiative will go a long way in boosting their morale to invest in a big way. He added that the state government will act as a facilitator to promote the industry at new heights of glory.

Assuring of the best air connectivity to boost economic activity in the region, CM Channi also announced to lay the foundation stone of upcoming greenfield (fresh) airport at Halwara (Ludhiana) on November 15 and said that the prestigious airport will be completed within eight months.

Reiterating his government's firm commitment to create a conducive ecosystem for the ease of doing business in the state, CM Channi assured the industry of fulsome support to make Punjab the frontrunner state not within the country but across the globe.

Listing the major initiatives to repose confidence among the industrialists and traders to give further impetus to industrial growth, CM Channi said the Punjab government has already okayed several pro-investor initiatives and concessions to boost trade and industry in the state.

He added that the state government has allowed faceless assessment of GST and VAT due to which the traders and industrialists now need not to present themselves physically before the taxation officers anymore.

CM Channi further said the mobile squad, earlier comprising 14 persons, has also been reduced to only four in the taxation department adding that institutional tax in vogue since 2011 also stands abolished for promotion of trade and industry in the state.

He also announced a one-time settlement (OTS) scheme for the defaulters to be introduced in Punjab State Industrial Development Corporation (PSIDC), Punjab Financial Corporation (PFC) and Punjab Agro Industries Corporation (PAIC).

Likewise, CM also said an amnesty scheme will also be introduced for the plot holders of the Punjab State Industries Export Corporation (PSIEC).

CM added that fixed charges on electricity connections for medium-scale industries have been slashed to 50 per cent.

He said Rs 150 crore will be spent on the up-gradation of the infrastructure in the industrial focal points.

He also announced that the state government will soon simplify the procedure for change of land use to facilitate the entrepreneurs and industrials for setting up their ventures seamlessly.

Channi further said that to boost economic activity in the border districts of the state, the Punjab government will acquire requisite land for Patti-Makhu rail link and hand it over to the Ministry of Railways before ensuing budget. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)