In a major reprieve to the traders across the state, thePunjab Cabinet on Wednesday decided to exempt about 1.50 lakh cases fromassessment related to cases of 'C' form for the past years from 2014-15 to2017-18.
Resultantly, about 8500 such cases would now be assessedunder this category every year. This trader friendly decision would cost Rs.200 crore on the state exchequer.
This decision was taken during the Cabinet meetingchaired by Chief Minister Charanjit Singh Channi here at Punjab Bhawan thisafternoon.
To further boost trade and economic activity in thestate, the Cabinet also gave approval to exempt the traders from making paymentof 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 thetune of Rs. 940 crore. Subsequently, they would now be required to deposit thesaid 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 significantdecisions 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 VATregime, there was still a heavy burden of VAT assessment on the traders coupledwith 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 theIndustries in the state by offering a unique opportunity to entrepreneurs ofpromoted and loanee companies, the Cabinet approved One Time Settlement (OTS)Policy-2021 for Punjab State Industrial Development Corporation Ltd. (PSIDC), PunjabFinancial Corporation (PFC) and Punjab Agro Industries Corporation (PAIC) forsettlement of their dues with through this new policy.
This Policy will help to resolve long pending litigationand settlement between the corporations and the private investors besidescreating a more business friendly environment in the state.
GAVE GO AHEAD FOR UP-GRADATION OF GHARUAN, RAJASANSI ANDDORANGLA AS SUB-TEHSILS
In order to provide citizen centric services to theresidents in the vicinity of their residence in a seamless manner, the Cabinetalso approved up-gradation of Gharuan (SAS Nagar), Rajasansi (Amritsar) andDorangla (Gurdaspur) as Sub-Tehsils. Gharuan would be upgrade as Sub-Tehsilcomprising of one Kanugo Circle, 11 Patwar Circles and 36 villages, Doranglawill consist of 2 Kanugo Circles, 16 Patwar circles and 94 villages where asRajasansi would include 3 Kanugo Circles, 18 Patwar Circles and 44 villages.
GRANTS EX-POST FACTO APPROVAL FOR FINANCIAL ASSISTANCE TOVICTIM FAMILIES IN LAKHIMPUR KHIRI INCIDENT
The Cabinet also gave ex-post facto approval forproviding financial assistance of Rs. 50 lakh each to the tune of total Rs. 2crore already paid by the Punjab Government to the families/legal heirs of thefour farmers and one journalist, who died in the unfortunate incident ofLakhimpur Khiri (Uttar Pradesh) on October 2, 2021 from Chief Minister ReliefFund.