Chief minister Charanjit Singh Channi on Wednesday announced to scrap 40,000 of the pending 48,000 VAT cases related to financial year 2014-15, 2015-16 and 2016-17 against traders and industrialists across the state.
Addressing industrialists, traders and prospective entrepreneurs on the second day of 4th Progressive Punjab Investors Summit on the theme of ‘A story of Partnership, Delivery & Growth: Investors Reassured’ in Ludhiana, the CM said 8,000 remaining cases will be settled amicably by asking the traders/ industrialists concerned to deposit only 30% of the total outstanding tax liability, thus saving them from a lot of inconvenience caused to them on this count. Another long-pending demand of the industry to abolish institutional tax, which has been implemented since 2011, was also catered to by the CM.
Assuring of best air connectivity to boost economic activity in the region, the CM announced to lay the foundation stone of the upcoming green field airport at Halwara (Ludhiana) on November 15 and said that prestigious airport will be completed within of eight months.
Finance minister Manpreet Singh Badal said the state government has allowed faceless assessment of GST and VAT due to which the traders and industrialists need not to present themselves physically before the taxation officers anymore.
Channi further said that mobile squad earlier comprising of 14 persons has also been reduced to only four in the taxation department in an effort to put an end to “inspector raj”.
He also announced a one-time settlement (OTS) scheme for the defaulters to be introduced in Punjab State Industrial Development Corporation (PSIDC), Punjab Financial Corporation (PFC) and Punjab Agro Industries Corporation (PAIC).
Likewise, the CM also said an amnesty scheme will also be introduced for the plot holders of the Punjab State Industries Export Corporation (PSIEC).
The CM added that fixed charges on electricity connections for medium-scale industries have been slashed to 50%. He said ₹150 crore will be spent on the upgrade of the infrastructure in the industrial focal points.
The state government will soon simplify the procedure for change of land use to facilitate the entrepreneurs and industrials for setting up their ventures seamlessly, Channi said.