Mubashir Bukhari
Srinagar (NVI): With an aim for smooth implementation of Goods and Services Tax in Jammu and Kashmir, the UT administration today extended timeline for availing benefits of amnesty settlement of unresolved issues in the old tax regime.
The order was issued by the Finance Department, Government of Jammu and Kashmir. The Scheme would continue till June 30, 2020.
“The scheme will be availed by all the dealers who could not avail the benefit of the amnesty announced vide Government order no.39-FD of 2018 dated 5th February 2018, provided they pay the admitted/assessed/reassessed principal tax by or before June 30, 2020,” the order reads.
The scheme can also be availed by all those dealers, who had applied under the earlier scheme, but had either failed to deposit the payment in time or had missed any of the instalments.
The most attractive aspect of the Scheme is that it provides relief to the dealers having arrears on account of Tax, interest and penalty by granting full waiver of interest and penalty under Jammu and Kashmir Valued added Tax Act, 2005(now repealed) and General Sales tax Act, 1962.
For all the cases pending in appeal in any forum – this Scheme offers a relief only if the cases are withdrawn by the dealers and the proof of the same is to be submitted along with the proof of payment of tax by or before 30th June 2020.
As the objective of the Scheme is to free as large segment of the taxpayers from the legacy taxes as possible, the relief given thereunder is substantial. The Scheme is well-tailored to cover the period up to 7th July 2017.
