The Haryana Government in a bid to recover the left dues amounting to approximately Rs 30,000 cr from the traders is set to introduce the one-time settlement (OTS) scheme focused on solving the incompleted VAT cases from the pre-GST era.
According to the insiders, the scheme is expected to be discussed at the time of the forthcoming Haryana Cabinet meeting scheduled for tomorrow. Following the successful implementation of OTS initiatives in different departments, the government is considering waiving interest and penalties for traders, provided they settle their entire tax dues.
Many small-scale entrepreneurs are currently in debt to the government due to previous VAT regulations and other Acts pre-dating April 1, 2018. Chief Minister Manohar Lal Khattar has officially introduced the OTS to tackle this persistent problem.
Reports suggest that the scheme is anticipated to run from December until the end of the fiscal year, with the entire process streamlined through online facilitation.
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The government has a dual aim: boosting its revenue and easing the burden of long-standing debts. The tax income generated will be allocated to crucial development and welfare projects. With Assembly elections nearing in October next year, the government strategically seeks to win support from diverse societal segments by prioritizing people’s well-being through its decisions.
Moreover, the OTS initiative intends to bring relief to traders struggling with accumulating dues, serving as a lifeline for those overwhelmed by accrued GST tax penalties.
This move underscores the government’s dedication to financial responsibility and its commitment to nurturing a business-friendly atmosphere, aiming to spur economic growth and prosperity in the region.
