One-time settlement plan for the Haryana traders: With the one-time settlement (OTS) scheme, the Haryana government hopes to settle unresolved VAT cases from the pre-GST era and partially recoup outstanding dues of nearly Rs 30,000 crore from traders.
According to sources, the plan is probably going to be presented at the Haryana Cabinet meeting. The government is expected to waive interest and penalties, similar to other OTS schemes offered by different departments, but traders would still be responsible for paying the full amount of tax.
There are thousands of small-time businessmen who owe the government various dues under the previous VAT regime and other Acts before April 1, 2018. The OTS was announced by CM Manohar Lal Khattar.
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According to the sources, the program would probably be available from December through the end of the fiscal year. Everything would be done online.
The government wants to lower old arrears and boost revenue. Projects related to welfare and development would be funded by tax revenue. In an attempt to win over different segments of society, the government is making people-first decisions ahead of the Assembly elections that are scheduled for October of next year.
The sources went on to say that, considering the severity of the penalties accrued over time, the OTS was also intended to help traders who were unable to pay their obligations.
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This initiative underscores the government’s commitment to fiscal prudence and its dedication to fostering a business-friendly environment, with a view towards fostering economic growth and prosperity in the region.
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