Cabinet approves trader-friendly decisions worth Rs 1,140 cr

| | Chandigarh
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Cabinet approves trader-friendly decisions worth Rs 1,140 cr

Thursday, 02 December 2021 | PNS | Chandigarh

In a major reprieve to the traders across the State, the Punjab Cabinet on Wednesday decided to exempt about 1.50 lakh cases from assessment related to cases of ‘C’ form for the past years from 2014-15 to 2017-18. With this decision, taken during the Cabinet meeting, about 8,500 such cases would now be assessed under this category every year. This trader-friendly decision would cost Rs 200 crore on the State exchequer.

Forms ‘C’s are used for filing returns against the tax already paid in interstate sale of goods.

To further boost trade and economic activity in the State, the Cabinet also gave approval to exempt the traders from making payment of 70 per cent of the excess demand and now they would be only required to deposit 30 per cent of the surplus demand. The decision would also cost the state exchequer to the tune of Rs 940 crore. Subsequently, they would now be required to deposit the said amount — that is 20 per cent of the 30 per cent portion of the additional demand by March 31, 2022, and the remaining 80 per cent by March 31, 2023.

Notably, the State Government has taken these significant decisions to facilitate traders in the wake of the recent Covid pandemic. Although it has been nearly four and a half years since the end of the VAT regime, there was still a heavy burden of VAT

assessment on the traders coupled with difficulties in providing C-forms etc to them.

The Cabinet also approved One-Time Settlement Policy-2021 for Punjab State Industrial Development Corporation Limited, Punjab Financial Corp and Punjab Agro Industries Corp for settlement of dues.  The new policy will help resolve long-pending litigation and settlement between the corporations and the private investors, besides creating a more business-friendly environment in the State.

Ex-post facto approval was also given for providing financial assistance of Rs 50 lakh each to the tune of total Rs 2 crore already paid by the State Government to the families or legal heirs of the four farmers and one journalist who died in an incident in Lakhimpur Kheri in Uttar Pradesh in October this year, from the Chief Minister Relief Fund.

 

Cabinet approves implementation of CM scholarship scheme for Govt colleges

To help bright poor students of general category besides improving gross enrolment ratio in higher education, Punjab Cabinet on Wednesday approved the implementation of Chief Minister scholarship scheme for Government colleges across the State. The scheme would help the bright poor students, particularly of general category, besides helping to further improve the Gross Enrollment Ratio (GER) in Higher Education which is very low at present. The scheme would involve annual financial implication of Rs 36.05 crore.

The scheme shall be applicable only to the students studying in government colleges, scholarship amount shall be equal, and limited to the concession in terms of percentage in fee being charged by the Universities, said a spokesperson of the Chief Minister’s Office while sharing the salient features of the scheme.

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