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Punjab exempts around 40,000 cases pending under CST, VAT for three fiscals

Indian currency. Stock Photo: Pixabay

Chandigarh, Dec 20 (MNN) The Punjab government has exempted around 40,000 statutory form-related cases pending under Central Sales Tax/Value Added Tax (VAT), out of over 48,000 such cases each of financial years 2014-15, 2015-16 and 2016-17.

Chief Minister Charanjit Singh Channi had earlier announced the decision at the Progressive Punjab Investors Summit in Ludhiana recently to give a much- needed relief to trade and industry in the state.

The Taxation Department has completed assessment in around 8,500 remaining cases for FY 2014-15 and initiated the process to settle these cases by asking traders to deposit just 30 per cent of the tax liability.

A government spokesperson said that they will only have to deposit 20 per cent of the aforesaid tax liability during the current fiscal and the balance 80 per cent by the end of the next financial year.

He said that the Congress government in the state is fully committed to create a conductive ecosystem for ease of doing business.

The Taxation Department has also initiated a process for faceless administration of GST and VAT, under which traders and industrialists are not mandated to be physically present themselves before taxation officers.

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