Channi announces to eliminate 40,000 cases of VAT against traders

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Channi announces to eliminate 40,000 cases of VAT against traders

Ludhiana, Oct 27 (PTI) Punjab Chief Minister Charanjit Singh Channi on Wednesday announced the closure of 40,000 pending Value Added Tax (VAT) cases out of a total of 48,000 cases against traders and industrialists. These cases pertain to the financial years 2014-15, 2015-16 and 2016-17.

The Chief Minister made this announcement while addressing industrialists, businessmen and potential entrepreneurs on the theme ‘A Story of Partnership, Delivery and Growth: Investors Resured’ on the second day of the fourth ‘Progressive Punjab Investors’ Conference.

He said that only 30 per cent of the total outstanding tax would be collected from the traders concerned for disposal of the remaining 8,000 cases. In this way, the traders will be saved from inconvenience in this matter.

He said that traders will have to deposit only 20 per cent of the tax liability during the current financial year and the remaining 80 per cent by the next financial year.

The Chief Minister also announced to lay the foundation stone of a new airport at Halwara in Ludhiana on November 15, assuring best air connectivity to boost economic activities in the region. The work on this airport will be completed within eight months.

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