New Delhi, March 23 -- Punjab has recovered Rs.111.16 crore under its One-Time Settlement (OTS) scheme for legacy VAT arrears, Finance Minister Harpal Singh Cheema said on Sunday, as the state moves to close pending tax disputes while strengthening revenue collections.

The scheme has attracted 7,845 applications covering dues of about Rs.298.39 crore, indicating significant participation from businesses across major industrial districts such as Ludhiana, Amritsar, Jalandhar, Patiala and Ropar.

Positioning the scheme as a mix of compliance reform and revenue mobilisation, Cheema said it allows traders to settle outstanding liabilities with relief on penalties and interest, while reducing prolonged litigation.

"The response demonstrates ...