Punjab One Time Settlement of Outstanding Dues (Second) Scheme, 2021 under VAT

The government of Punjab has issued a one-time settlement scheme for Traders to clear their due under Punjab vat act and CST act on 17.12.2021. This is called the Punjab One Time Settlement of Outstanding Dues (Second) Scheme, 2021.

The basic relief under this scheme is that traders are required to pay just 30% of their dues and 70% will be waived off. The salient features of the scheme are as under

 

Punjab One Time Settlement of Outstanding Dues (Second) Scheme, 2021
Sr no	Particulates	Details
1	Scope	The whole of Punjab, Due under VAT and CST act
2.`	Period	Assessment order for 2014-15,15-16,16-17 & 17-18(q1) issued on or before 30.11.2021
3.	Last  Date to avail	30.04.2022
4.	Relief	70% of Additional demand only 30 % of the amount to be deposited called the determined  amount
5.	Additional demand means	Tax +interest +penalty minus adjustment for statutory forms submitted Now
6	Last date to deposit the determined amount	20% of the determined amount by 31.03.2022 on a self-assessment basis and balance 80% by 31.03.2023
7.	Forms
	OTS-1	Application form
	OTS-2	Acknowledgment form
	OTS-3	Provisional Settlement order
	OTS-4	Deficiency letter
	OTS-5	Final settlement order

 

Check a small video on Punjab One Time Settlement of Outstanding Dues (Second) Scheme, 2021

GOVERNMENT OF PUNJAB

DEPARTMENT OF EXCISE AND TAXATION, PUNJAB

NOTIFICATION

The 17th December, 2021

No. S.O. 142/P.A.8/2005/S.29-A/C.A.74/1956/S.9/2021.- Whereas, the State Government is satisfied that it is necessary so to do in publicinterest, for greatertransparency, in order to ensure compliance, to notify a scheme for settlement of unpaid tax;

Now, therefore, in exercise of the powers conferred by section 29-A of the Punjab Value AddedTax Act, 2005 (PunjabAct No. 8 of 2005)read with sub-section (2) of section 9 of the Central Sales Tax Act, 1956 (Central Act No. 74 of 1956), and all other powers enabling him in this behalf,the Governor of Punjab, is pleased to notify the following scheme for recovery of outstanding dues, namely:-

SCHEME

1.   Short title, extent, commencement and applicability.- (1) This scheme may be called the PunjabOne Time Settlement of Outstanding Dues (Second) Scheme,2021.

(2)         It extends to the whole of the State of Punjab.

(3)         It shall come into force on and with effect from the date of its publication in the Official Gazette.

(4)         (i) It shall only be applicable to the cases pertaining to the assessment years 2014-15 to 2017-18(Q1) whichfall under criteria3 of assessment policy approved vide letter no. 2/07/2015 ET.2(7)/8848, dated15/09/2021 for theassessment years 2014-15 to 2016-17 and of assessment policy approved vide letter no. 2/07/2015 ET.2(7)/8849 dated 15/09/2021 for the assessment year 2017-18 (Q1) and have been assessed till 30th November 2021.

(ii) No application for settlement of dues underthis scheme for cases mentioned at (i) above shallbe entertained after 30th April,2022.

(5)         In regard to cases pertaining to the assessment years 2015-16 to 2017-18 (Q1) which fall under the criteria 3 of the assessment policyapproved vide letterno. 2/ 07/2015 ET.2(7)/8848, dated15/09/2021 for assessment year 2014-15 to 2016-17 and of assessment policy approvedvide letter no. 2/07/2015 ET.2(7)/8849, dated 15/09/2021 for assessment year 2017-18 (Q1), which are or will be assessed

after 30th November 2021, the applicable dates of the scheme shall be notified later on.

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