Gurugram, Dec 31 (PTI) Addressing a long-standing request from Haryana's trader and business community to settle pre-GST tax liabilities, Chief Minister Manohar Lal Khattar on Sunday launched the One Time Settlement-2023 (OTS) Scheme.

The scheme will be operational from January 1, 2024, to March 30, 2024.

Also Read | Puri Jagannath Temple Timings on January 1 2024: Temple To Open Doors for Devotees at 1 AM To Handle New Year's Day Rush.

According to an official statement, from January 1, 2024, to March 30, 2024, businesses have the opportunity to settle pre-GST tax liabilities under the OTS-2023 scheme. Taxes are categorized into four groups, with exemptions from interest and penalties for cases related to seven tax acts in effect before GST.

Additionally, Chief Minister Manohar Lal announced the opening of a GST Training Institute in collaboration with HIPA, Gurugram.

Also Read | Qantas Flight Brawl: Man Attacks, Threatens to Stab Crew Member, Passengers Inside Aircraft, Detained.

During the inauguration of OTS-2023 at Gurugram, on Sunday, the Chief Minister also extended New Year wishes to the state. Deputy Chief Minister Dushyant Chautala, who oversees the Excise and Taxation Department, also addressed the programme.

Under the OTS scheme, the tax amount is divided into four categories, starting with an undisputed fee category for cases without dispute.

Taxpayers will pay 100 per cent of the amount in this category, with no penalties or interest.

For disputed taxes under Rs 50 lakh, taxpayers will pay 30 per cent of the outstanding amount. For disputed taxes above Rs 50 lakh, they will pay 50 per cent.

The third category applies to undisputed taxes assessed by the department where no appeal was made. Taxpayers will pay 40 per cent if the amount is below Rs 50 lakh and 60 per cent if it's above Rs 50 lakh. This category also offers relief from penalties and interest.

The fourth category includes outstanding amounts due to differences in tax rates. Here, the government has discounted the amount, requiring taxpayers to pay only 30% of the total.

While offering tax relief, the OTS scheme also provides easy installment options. Taxpayers with outstanding amounts below Rs 10 lakh must pay the entire sum in one lump sum before March 30th. For Rs 10 lakh to Rs 25 lakh, the amount can be paid in two installments of 52 per cent each.

If the outstanding is more than Rs 25 lakh, the payment can be spread across three installments: 40% in the first 90 days, 30 per cent in the next 90 days, and 30 per cent in the final 90 days.

This OTS Scheme addresses outstanding tax issues from the Excise and Taxation Department until June 30, 2017.

It specifically resolves concerns related to seven VAT-related acts, including the Haryana Value Added Tax Act, 2003, the Central Sales Tax Act, 1956, the Haryana Local Area Development Tax Act, 2000, the Haryana Tax on Entry of Goods in Local Area Act, 2008, the Haryana Luxury Tax Act, 2007, the Punjab Entertainment Fee Act, and the Haryana General Sales Tax Act, 1973."

While addressing the gathering, Chautala said that the Haryana Government has implemented this new scheme for the welfare of traders and industrialists. A new bill was also passed in the last assembly session for this purpose, enabling traders to receive exemptions in outstanding tax cases for the period till June 30, 2017.

"The state has collected Rs 46,000 crore in taxes thus far. After the implementation of the new OTS scheme, if businessmen, chartered accountants, and tax lawyers cooperate, it is expected that tax collection in the state by March 31 can reach Rs 66,000 crores. This surpasses the Chief Minister's target of Rs 58,000 crore for the department", said Chautala.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)