Punjab Govt notifies the Punjab One Time Settlement (Amendment) Scheme for Recovery of Outstanding Dues, 2024.
The Government of Punjab, Department of Excise and Taxation issued a Notification vide G.S.R. 12/P.A.8/2005/S.29-A/C.A 74/1956/S.9/P.A.8/2002/S.25/ P.A.5/2017 dated March 11, 2024, notifies the Punjab One Time Settlement (Amendment) Scheme for Recovery of Outstanding Dues, 2024 to address unpaid tax liabilities. This amendment, effective from its publication date in the Official Gazette, modifies several aspects of the scheme to enhance compliance and transparency. Key changes include the specification of eligibility criteria concerning outstanding demand limits set at rupees one crore for both the Punjab Value Added Tax Act, 2005, and the Central Sales Tax Act, 1956, with the deadline for applications set for June 30, 2024. Additionally, definitions for “Net Demand” and “Total Demand” have been refined, and procedural requirements have been updated, including the mandatory submission of additional statutory forms with applications. The scheme outlines detailed processes for applying under different tax acts, including assessment year, appeal status, self-assessment of tax, interest, and penalties, and required payment details. It also introduces a new waiver schedule for different slabs of demand, offering substantial relief in taxes, penalties, and interest for eligible taxpayers.
The Complete Notification can be accessed at: https://www.a2ztaxcorp.com/wp-content/uploads/2024/03/Final_Gazette_Report.pdf