/   Punjab Finance, Planning, Excise, and Taxation Minister Harpal Singh Cheema on Wednesday maintained that the Punjab One Time Settlement (Amendment) Scheme (OTS-3) has achieved unprecedented success, surpassing expectations by collecting Rs 137.66 crore in tax revenue — marking a substantial increase compared to the Rs 13.15 crore collected under the previous OTS-1 and OTS-2 schemes.   Cheema highlighted this achievement, underscoring the schemes efficacy and the Punjab Governments commitment under Chief Minister Bhagwant Manns leadership to foster a culture of tax compliance.   OTS-3 has been instrumental in facilitating tax compliance among dealers, with 58,756 beneficiaries taking advantage of its provisions, said the Minister. He said that the scheme has provided significant relief, waiving off Rs 215.92 crore for 50,774 dealers with arrears up to Rs one lakh, and Rs 414.67 crore for 7,982 dealers with arrears ranging from Rs one lakh to Rs one crore.   Cheema attributed the success of OTS-3 to its investor-friendly framework and the governments proactive support for taxpayers. He also announced the extension of the scheme until August 16, 2024, to accommodate the remaining 11,559 dealers who can still benefit from this initiative.   The Punjab One Time Settlement Scheme for Recovery of Outstanding Dues, 2023, launched on November 15, 2023, offers taxpayers a unique opportunity to settle their outstanding dues up to the assessment year 2016-17. The scheme provides a complete waiver of tax, interest, and penalty for arrears up to Rs one lakh as of March 31, 2024. For cases with demands ranging from Rs one lakh to Rs one crore, the scheme offers a waiver of 100 percent interest, 100 percent penalty, and 50 percent of the tax amount.   The extension of OTS-3 underscores the governments commitment to facilitating financial relief and promoting compliance among taxpayers in Punjab.    

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