Giving a much needed relief to trade and industry in the state, the Punjab Government has exempted around 40,000 statutory form related outstanding cases under Central Sales Tax / Value Added Tax (VAT), out of over 48,000 cases related to each of the financial years 2014-15, 2015-16 and 2016-17. Notably, Punjab Chief Minister S. Charanjit Singh Channi had announced the decision at the Progressive Punjab Investors Summit in Ludhiana.
An official spokesperson of the Taxation department said that the department has completed the assessment in remaining around 8500 cases for FY 2014-15 and initiated the process to settle these cases by asking the traders to deposit just 30% of the tax liability. Giving further relief to them, they will only have to deposit 20% of the aforesaid tax liability during the current fiscal and the balance 80% by the end of next financial year.
State government is fully committed to create a conductive ecosystem for ease of doing business in the state. The fulsome support to trade and industry will help the Punjab to emerge as the front runner state across the country. This industry-friendly initiative would go a long way to instil confidence and boost morale to invest in the State, he added.
Punjab Government spokesperson further informed that the Taxation department has also initiated a process for faceless administration of GST and VAT, under which traders and industrialists have not to be physically present before taxation officers.