OTS scheme a boon to trade and industry

Chandigarh, July 18 (UNI) An industry body today welcomed the Punjab Government's decision to launch a scheme for one-time settlement (OTS) to clear sales tax arrears of trade and industry for the pre-VAT period.

This is a welcome step as it will reduce hassles to a great extent and enable the economy to move smoothly, Mr Rajiv Bali, Chairman, Punjab Committee of the PHD Chamber said here today.

He also welcomed the Government's decision to constitute District Industries Committees. He said that the Chamber had brought forward this issue on various platforms so that different segments of trade and industry could be represented appropriately.

The Chamber also appreciated the state Government's plan to slash VAT to four per cent from 12 per cent on certain commodities.

The Chamber also lauded the setting up of special development authorities for Bathinda, Jalandhar and Amritsar, saying that the planning and development of urban areas in Punjab could now be benchmarked globally.

All these decisions were announced yesterday by Chief Minister Parkash Singh Badal after an interaction with representatives of trade and industrial associations of Punjab.

UNI