A one-time tax settlement scheme has been introduced by The Haryana government to furnish tax relief and waivers for small traders. The same initiative is anticipated to simplify the financial burden on businesses stumbling with pending tax disputes.
The one-time tax settlement scheme proposes significant exemptions on outstanding tax amounts, aiding a wide range of taxpayers in the state.
Payment Method and Tax Exemptions
The traders under this scheme with tax disputes engaging amounts less than Rs 10 lakh will be required to file only 40% of the outstanding amount with the left 60% being exempted.
Concerning the disputes ranging between Rs 10 lakh and Rs 10 crore, the taxpayers shall be needed to pay 50% of the outstanding dues while getting the exemptions on the penalties and additional taxes.
The taxpayers for disputes surpassing Rs 10 crores will be required to clear the full outstanding amount but will benefit from penalties and tax waivers under the settlement scheme.
Haryana CM’s Announcement for Small Traders
Chief Minister Nayab Singh Saini addressing the launch event outlined that the scheme has the motive to support the small traders while furnishing relief to the larger businesses. He repeated that the taxpayers have an important role in the economic development of the state and these initiatives contribute to the growth of both Haryana and the nation.
“We have launched this One-Time Settlement Scheme to support small traders. It will benefit not just big industrial units and taxpayers but also small-scale business owners,” the Chief Minister cited.
Applicable Date and Previous Actions
From April 7, the new scheme will come into force permitting the taxpayers to apply for relief. The same move has been positioned by the state government as an answer to long-standing demands from the traders to solve the pending tax disputes, particularly those dating back to pre-GST implementation.
The government earlier this year introduced the One-Time Settlement-2023 (OTS) Scheme, which was operational between January 1, 2024, and March 30, 2024. The latest initiative extends the advantages, furnishing a chance for more businesses to settle their tax obligations.
A Step Towards Growth in the Economy
The Chief Minister expressed gratitude to Haryana’s taxpayers, recognizing their contributions to making the state a leader in tax collection. “Haryana has become one of the top states in tax collection, thanks to our taxpayers. This scheme will encourage compliance and support businesses in financial distress,” he later wrote on X (formerly Twitter) in Hindi.
The state government with this tax relief initiative has the motive to facilitate a business-friendly environment, confirming that small traders and enterprises can effectively function without excessive financial stress.
