Punjab OTS scheme gets huge support, 7,845 applications for VAT dues of Rs 298 crore, last chance till 31 March

Punjab News: Punjab Finance Minister Advocate Harpal Singh Cheema said here today that the One Time Settlement (OTS) Scheme for VAT Dues has received an overwhelming response under which 7,845 applications involving dues of approximately Rs 298.39 crore have been received and Rs 111.16 crore have been recovered. Calling it a decisive step to eliminate the old tax burden as well as boost revenue, the Finance Minister warned that the deadline for this relief is till March 31, after which the government will go into strict recovery mode and about 8,000 properties have already been identified for this action.

Finance Minister Harpal Singh Cheema said, “A total of Rs 111.16 crore has been received from the scheme so far. The active participation of Ludhiana, Amritsar, Jalandhar, Patiala and Ropar divisions is commendable. The strong support received from these key districts reflects the growing awareness of the huge financial benefits of the scheme.”

Last chance for OTS scheme, deadline nears

Making a strong appeal, he said, “As the scheme is reaching its final phase on March 31, 2026, all eligible taxpayers should come forward and contribute to the development of the state. Businesses should not miss this last opportunity to seamlessly integrate into the tax structure of the state by settling the pending VAT dues before the closure of the OTS window. The unprecedented relief and huge exemptions given under this scheme are completely It is time bound.”

Urging taxpayers to avail this last opportunity, the Finance Minister warned, “After the expiry of the deadline, the present concessional stance of the State Government will naturally translate into strict legal compliance and no-compromise recovery process, thereby bringing the outstanding cases under normal legal scrutiny without any relaxation.”

Recovery action will be taken after 31st March

The Finance Minister further said that in cases where the outstanding amount has not been paid after March 31, 2026, recovery action will be taken as per the provisions of the law. He informed that as part of the preparedness, around 8,000 properties have already been identified for action wherever necessary.

Big relief to taxpayers from OTS scheme

Highlighting the main objective behind this initiative, Finance Minister Harpal Singh Cheema said, “The overwhelming support received by the OTS scheme reflects the confidence of taxpayers in the transparent and pro-business policies of the Punjab government led by Chief Minister Bhagwant Singh Mann. The objective of this initiative is to provide relief, reduce litigation and strengthen the revenue system of the state.” He further explained that this scheme has been specially designed by the Government to provide a golden opportunity to settle the old VAT liabilities by giving huge waiver on interest and penalties, so as to enable the businesses to make a fresh start with clean financial accounts.