OTS from all districts. The receipt of Rs 111.16 crore under the scheme showed the confidence of traders in the Bhagwant Mann government.

Chandigarh: Punjab Finance Minister Advocate Harpal Singh Cheema said here today that the One Time Settlement (OTS) Scheme for VAT Dues has received huge support 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.

Recovery of Rs 111.16 crore so far from the scheme

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 till 31st March, don’t miss this chance

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.

This last opportunity to seamlessly integrate with the state’s tax structure by clearing pending VAT dues before the window closes should not be missed. The unprecedented relief and huge discounts given under this scheme are completely timely.”

Strict action after the deadline is passed

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

8,000 properties already identified

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 said that as part of the preparedness, around 8,000 properties have already been identified for action wherever necessary.

Result of Chief Minister’s pro-business policies

Highlighting the main objective behind this initiative, Finance Minister Harpal Singh Cheema said, “The overwhelming support received for 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 specifically designed by the Government to provide a golden opportunity to settle 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.