Before the assembly polls furnishing relief to the traders the Punjab council has decided to provide the privilege for Rs 1.5 lakh cases from the assessment concerned to the cases of C form from 2014-15 to 2017-18. The decision indicated that nearly 8500 cases shall be examined beneath the same class every year.
“This trader-friendly decision would cost Rs 200 crore to the state exchequer,” mentioned in the official statement. To enhance the trade and economic activity the council meeting conducted through Chief Minister Charanjit Channi gives a green signal to provide the privilege to the traders from furnishing the payment of 70% of the demand which is in excess and from now they are required to furnish 30% of the surplus demand.
From this decision Rs 940cr will be spent from the state’s pocket. Now they shall be needed to furnish the amount that is 20 of the 30 per cent of the demand which is aksed on addition dated 31st March 2022 and the rest 80% on the date 31st March 2023.
The state adopted this important decision to make the traders optimized towards the previously gone pandemic. There are approximately four and a half years gone since the VAT regime got over, there was still a load of Value Added Tax (VAT) assessment on the traders who posed issues in furnishing the C-forms, etc., to them.
The council further confirmed the One-Time Settlement Policy-2021 for Punjab State Industrial Development Corp Ltd, Punjab Financial Corp, and Punjab Agro Industries Corp for settlement of dues.
The latest scheme shall assist to solve out the due laws and settlement amid the corporations and the private investors, apart from that making a more business-friendly nature in the state.
It indeed confirmed renewing Gharuan (Mohali), Rajasansi (Amritsar), and Dorangla (Gurdaspur) as sub-tehsils. The council gives permission to execute the actions of the Chief Minister Scholarship Scheme in Higher Education for government colleges. This assists the poor students, specifically the general class apart. This policy is engaged in the yearly fiscal implication of Rs 30.05 cr.
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What Do You Mean by Form C?
Since the end of the VAT regime, the traders have a load of VAT assessment who has issues in furnishing the C-forms and others to them. Form C is practised to furnish the returns towards the tax which is furnished previously in the interstate sale of the objects.
