Over Rs 111 crore recovered under one-time settlement scheme for VAT arrears: Punjab FM

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Chandigarh, March 23

Punjab Finance Minister Harpal Singh Cheema on Sunday said the one-time settlement scheme for Value Added Tax arrears has covered dues of around Rs 298.39 crore, with Rs 111.16 crore recovered so far.

Calling it a decisive push to clean up legacy tax burdens while boosting revenue, he warned that the relief window closes on March 31, after which the government will shift to strict recovery mode, with nearly 8,000 properties already identified for action, he said.

In a statement, Cheema said the scheme witnessed an overwhelming response, with 7,845 applications, resulting in a total realisation of Rs 111.16 crore.

“The active participation from the Ludhiana, Amritsar, Jalandhar, Patiala, and Ropar divisions is commendable. The strong response from these key districts demonstrates a growing awareness of the scheme’s immense financial benefits,” he added.

All eligible taxpayers must step forward and contribute to the state’s growth as the scheme approaches its conclusion on March 31, the minister said.

Businesspersons must not miss this last opportunity to resolve pending VAT arrears and seamlessly align with the state’s taxation frameworks before the scheme’s window closes permanently, he said.