Punjab Cabinet Approves One-Time Settlement Scheme to Clear Pre-GST Arrears

The Punjab Cabinet has introduced a one-time settlement scheme, enabling traders and businesses to pay off arrears pending under various laws predating the Goods and Services Tax (GST) implementation in the state. This significant move was sanctioned during a cabinet meeting led by Chief Minister Bhagwant Mann.

Additionally, the cabinet approved the establishment of a special court in Mohali to handle cases related to the National Investigation Agency. Finance Minister Harpal Singh Cheema announced the cabinet's decision to grant prosecution sanction against former Punjab Minister Sadhu Singh Dharamsot, accused in a 2022 corruption case.

The One-Time Settlement (OTS) scheme will cover arrears under several tax acts, providing relief to over 20,000 traders by waiving interest and penalties. Moreover, a similar settlement scheme will address 1,688 default cases involving rice mills, offering waiver benefits to these businesses as well.

(With inputs from agencies.)