In a much-needed reprieve to the 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 a total of 48,000 cases related to financial years 2014-15, 2015-16, and 2016-17, against traders and industrialists.
He made the announcement on the second day of the Fourth Progressive Punjab Investors Summit in Ludhiana on Wednesday. Punjab Chief Minister Charanjit Singh Channi, however, said only 8,000 remaining cases would be settled amicably by asking the traders/ industrialists concerned to deposit just 30 per cent of the total outstanding tax liability.
Punjab CM Channi announced that they would only have to deposit 20 per cent of the aforesaid tax liability during the current fiscal and the balance 80 per cent by the next.
He also assured the best air connectivity to boost economic activity in the region. CM Channi announced to lay the foundation stone of the upcoming Green Field Airport at Halwara (Ludhiana) on November 15 and said the construction would be completed within eight months.
He reiterated his government’s firm commitment towards creating a conducive ecosystem for the ease of doing business in the state. The Chief Minister assured the trade and industry of all support to emerge Punjab as the frontrunner state not within the country, but across the globe.