Punjab

CABINET APPROVES TRADER FRIENDLY DECISIONS WORTH RS. 1140 CRORE

December 01, 2021 08:40 PM

• EXTENDS EXEMPTION IN NEARLY 1.50 LAKH CASES RELATED TO ASSESSMENT OF C-FORMS • ALSO EXEMPT TRADERS FROM MAKING PAYMENT OF 70% OF EXCESS DEMAND • NOW ONLY REQUIRED TO DEPOSIT 30% OF SURPLUS DEMAND

Chandigarh (Face2News) 

In a major reprieve to the traders across the state, the Punjab Cabinet on Wednesday decided to exempt about 1.50 lakh cases from assessment related to cases of 'C' form for the past years from 2014-15 to 2017-18.

Resultantly, about 8500 such cases would now be assessed under this category every year. This trader friendly decision would cost Rs. 200 crore on the state exchequer.

This decision was taken during the Cabinet meeting chaired by Chief Minister Charanjit Singh Channi here at Punjab Bhawan this afternoon.

To further boost trade and economic activity in the state, the Cabinet also gave approval to exempt the traders from making payment of 70% of the excess demand and now they would be only required to deposit 30% of the surplus demand.

This decision would also cost the state exchequer to the tune of Rs. 940 crore. Subsequently, they would now be required to deposit the said amount i.e. 20% of the 30% portion of the additional demand by March 31, 2022 and the remaining 80% by March 31, 2023.
Notably, the state government has taken these significant decisions to facilitate traders in the wake of the recent Covid pandemic. Although it has been nearly four and a half years since the end of the VAT regime, there was still a heavy burden of VAT assessment on the traders coupled with difficulties in providing C-forms etc. to them.

APPROVES OTS POLICY-2021 FOR SETTLEMENT OF DUES OF PSIDC, PFC & PAIC

In a bid for rehabilitation & revival of the Industries in the state by offering a unique opportunity to entrepreneurs of promoted and loanee companies, the Cabinet approved One Time Settlement (OTS) Policy-2021 for Punjab State Industrial Development Corporation Ltd. (PSIDC), Punjab Financial Corporation (PFC) and Punjab Agro Industries Corporation (PAIC) for settlement of their dues with through this new policy.

This Policy will help to resolve long pending litigation and settlement between the corporations and the private investors besides creating a more business friendly environment in the state.

GAVE GO AHEAD FOR UP-GRADATION OF GHARUAN, RAJASANSI AND DORANGLA AS SUB-TEHSILS

In order to provide citizen centric services to the residents in the vicinity of their residence in a seamless manner, the Cabinet also approved up-gradation of Gharuan (SAS Nagar), Rajasansi (Amritsar) and Dorangla (Gurdaspur) as Sub-Tehsils. Gharuan would be upgrade as Sub-Tehsil comprising of one Kanugo Circle, 11 Patwar Circles and 36 villages, Dorangla will consist of 2 Kanugo Circles, 16 Patwar circles and 94 villages where as Rajasansi would include 3 Kanugo Circles, 18 Patwar Circles and 44 villages.

GRANTS EX-POST FACTO APPROVAL FOR FINANCIAL ASSISTANCE TO VICTIM FAMILIES IN LAKHIMPUR KHIRI INCIDENT : The Cabinet also gave ex-post facto approval for providing financial assistance of Rs. 50 lakh each to the tune of total Rs. 2 crore already paid by the Punjab Government to the families/legal heirs of the four farmers and one journalist, who died in the unfortunate incident of Lakhimpur Khiri (Uttar Pradesh) on October 2, 2021 from Chief Minister Relief Fund.

 
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