JK News Today
JAMMU, FEBRUARY 6: As a follow up to the budget announcement, the government has notified that Toll Posts established in Kashmir division at Lower Munda in District Anantnag and Borehallan Heerpur in District Shopian have been abolished February 06, 2018.
“In exercise of the powers conferred by sub-section (4) of the Jammu
As a follow up to the announcements made by Finance Minister, Dr Haseeb Drabu in the Budget 2018-19, the State Government has approved Grant of Amnesty for settlement of unresolved issues in the old Tax regime for smooth implementation of Goods & Services Tax (GST).
According to the Order No: 39-FD of 2018 dated: 05-02-2018 issued by Principal Secretary Finance, Navin Kumar Choudhary sanction has been accorded to remission of penalty and the interest on arrears of tax under the provisions of Jammu and Kashmir Value Added Tax, 2005 (now repealed), as per the scheme.
Besides, the order also includes settlement of cases of industrial units, where demands have been created by disallowing remission, remission of penalty and the interest on arrears of tax under the provisions of Jammu and Kashmir General Sales Tax Act 1962, settlement of cases of industrial units, where demands have been created by disallowing exemption and remission of penalty and the interest on arrears of tax in respect of Telecom Operators under the provisions of Jammu and Kashmir General Sales Tax Act, 1962, as per the scheme.
The details of the scheme including procedure for availing the amnesty, is available on jakfinance.nic.in.
To provide budgetary support to the eligible manufacturing units operating in Jammu and Kashmir, the State Government has notified the scheme for reimbursement of State Taxes paid under Jammu and Kashmir Goods and Services Tax Act 2017.
As per SRO-63 issued by the Principal Secretary Finance, Navin Kumar Choudhary, the scheme shall be limited to the tax which accrues to the State government under the Jammu and Kashmir Goods and Services Tax Act, 2017 after adjustment of the input tax credit paid by the manufacturing units.
The scheme shall be called the Jammu and Kashmir Reimbursement of Taxes for Promotion of Small/Medium/Large Scale Industries in the State of Jammu and Kashmir and shall come into operation from 08.07.2017 for an eligible unit and shall remain in force till the last date of Industrial Policy, 2016.
“In recognition of the hardships arising due to withdrawal of remission from payment of Value Added Tax the Government would provide budgetary support to the eligible units by way of part reimbursement of the Goods and Services Tax, paid by the unit after adjustment of Input Tax Credit on supply of finished goods manufactured by the Industrial Units located in the State of Jammu and Kashmir,” the SRO states.
The details of the scheme are available on jakfinance.nic.in.
