The One Time Settlement Scheme-2025 was launched on Sunday by Haryana Chief Minister Nayab Singh Saini in a bid to bring relief to traders and shopkeepers, an official statement said. The OTS-2025 will help to make paying tax easy for entrepreneurs, especially small shopkeepers in Haryana who could not pay the outstanding amount of their taxes due to various reasons.
"A transparent and equitable taxation system is essential for economic prosperity and good governance in the state. If the tax system is simple and effective, then traders, entrepreneurs and investors benefit and economic activities grow rapidly, he said,” Saini said.
Here are the benefits and features of the OTS-2025
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Under this scheme, the taxpayers with dues up to Rs 10 lakh will get a rebate of up to Rs 1 lakh. This scheme will remain open for the next six months.
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The scheme will also aid in reducing the outstanding taxes and litigation and expedite the recovery of outstanding amounts.
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According to the Haryana CM, the scheme will also increase revenue collection. This scheme will be based on the cumulative assessed outstanding amount.
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Under it, there will be complete exemption from penalty amount and interest amount.
OTS-2025 will have three slabs for the payment of outstanding taxes
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The state government has introduced three slabs in this scheme to facilitate the payment of outstanding taxes for taxpayers.
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For outstanding tax up to Rs 10 lakh: The taxpayer is required to pay 40% of the amount after deducting an exemption of up to Rs 1 lakh.
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For outstanding tax liabilities between Rs 10 lakh and Rs 10 crore: The taxpayer must pay 50% of the assessed outstanding tax amount.
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For outstanding tax liabilities exceeding Rs 10 crore: The taxpayer must pay 100% of the cumulative assessed outstanding tax.
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For taxpayers with outstanding tax over Rs 10 lakh: They are given the option to pay the amount in two installments