OTS scheme,a boon to trade: PHDCCI

CHANDIGARH: PHD Chamber, on Wednesday, welcomed Punjab Government's decision on launching a scheme for one-time settlement 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," Rajiv Bali, Chairman Punjab Committee said.

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

The Chamber also lauded the state government's plan to slash VAT to 4 per cent from the current 12 per cent on certain commodities.

Although this is expected to be in place for three months on an experimental basis, R S Sachdeva, Co-Chairman, Punjab Committee, PHD Chamber felt that it is a step in the right direction.

The Government announced that there would be no visit of any PSEB official to the industry premises in future for checking the power load if electronic meters were installed outside the factory.

"Such process will help the industry significantly," Sachdeva said adding that, "we were following this with the government since last one decade".

The Chief Minister's announcement of enhancing the existing power load from 10 per cent to 25 per cent without any formal procedures was also welcomed by the industry body.