In a much-needed reprieve to trade and industry of the state, Punjab Chief Minister Charanjit Singh Channi on Wednesday announced to scrap 40,000 pending cases of VAT, out of total 48,000 cases related to Financial Year 2014-15, 2015-16 and 2016-17, against traders and industrialists across the State.

Channi, addressing a galaxy of industrialists, traders and prospective entrepreneurs on the second day of fourth Progressive Punjab Investors’ Summit, said that only 8,000 remaining cases will be settled amicably by asking the concerned traders or industrialists to deposit just 30 percent of the total outstanding tax liability thus saving them from lot of inconvenience on this count.

By giving a further relief to them, Channi announced that they will only have to deposit 20 percent of the aforesaid tax liability during current fiscal and the balance 80 percent by the next.

He categorically said that this industrial-friendly initiative will go a long way in boosting their morale to invest in a big way, and added that the State Government will act as a facilitator to promote industry at new heights of glory.

Assuring the best air connectivity to boost economic activity in the region, Channi also announced to lay the foundation stone of upcoming Green Field airport at Halwara (Ludhiana) on November 15 saying that prestigious airport will be completed within a period of eight months.

Reiterating his Government’s firm commitment to create a conducive ecosystem for ease of doing business in the State, Channi assured the trade and industry of fulsome support to emerge Punjab as the front runner state not within the country but across the globe.

Listing the major initiatives to repose confidence amongst the industrialists and traders to give further impetus to industrial growth, he said that the Punjab

Government has already okayed several pro-investor initiatives and concessions to boost trade and industry in the state in a specially convened Cabinet held at the state’s industrial capital.