Summary:
Ludhiana, Oct 27 (PTI) Punjab Chief Minister Charanjit Singh Channi on Wednesday announced to scrap 40,000 pending cases of value-added tax (VAT), out of the total 48,000 cases related to the financial years 2014-15, 2015-16 and 2016-17, against traders and industrialists across the state.
He was addressing a galaxy of industrialists, traders and prospective entrepreneurs on the second day of 4th Progressive Punjab Investors Summit on the theme of "A story of Partnership, Delivery & Growth: Investors Reassured" here.
CM Channi said only 8,000 remaining cases will be settled amicably by asking the concerned traders/ industrialists to deposit only 30 per cent of the total outstanding tax liability, thus saving them from a lot of inconvenience caused to them on this count.
He announced that they will only have to deposit 20 per cent of the tax liability during the current fiscal and the balance 80 per cent by the next.
CM Channi said this industrial-friendly initiative will go a long way in boosting their morale to invest in a big way.
He added that the state government will act as a facilitator to promote the industry at new heights of glory.