The Punjab Chief Minister Charanjit Singh Chinni on Wednesday announced to scrap 40,000 pending cases of value-added tax (VAT), out of the total 48,000 cases related to the financial years 2014-15, 2015-16 and 2016-17, against traders and industrialists across the state.
He was 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.
Reiterating his government’s firm commitment to create a conducive ecosystem for the ease of doing business in the state, CM Channi assured the industry of fulsome support to make Punjab the frontrunner state not within the country but across the globe.
Listing the major initiatives to repose confidence among the industrialists and traders to give further impetus to industrial growth, CM Channi said the Punjab government has already okayed several pro-investor initiatives and concessions to boost trade and industry in the state.
He added that the state government has allowed faceless assessment of GST and VAT due to which the traders and industrialists now need not to present themselves physically before the taxation officers anymore.
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 the mobile squad earlier comprising 14 persons has also been reduced to only four in the taxation department in an effort to put an end to “inspector raj”.
Channi further said that to boost economic activity in the border districts of the state, the Punjab government will acquire requisite land for Patti-Makhu rail link and hand it over to the Ministry of Railways before ensuing budget.
