GST regime
Recently the Administrative Council (AC) decided to provide amnesty to settle tax arrears of pre GST regime in Jammu and Kashmir.
This step is going to provide relief to the taxpayers in the form of waiver of interest and penalty besides recovery of the blocked revenue to the Government.
Earlier all dealers could not take benefit of erstwhile amnesty scheme issued vide Govt. order no. 39-FD of 2018 dated 05/02/2018 due to various reasons including Covid-19 pandemic.
As such, large no. of representations were received from the trade/industry sector for granting a one time opportunity to the dealers for settlement of the outstanding arrears under the pre GST tax legislations.
The amnesty Scheme provides relief to dealers on following terms:-
100% waiver of penalty and interest under J&K General Sales Tax Act, 1962, and Central Sales Tax Act, 1956, for assessment/ reassessment up to 2017-18 (07/07/2017 for all and 31/08/2017 for liquor dealers).
100% waiver of penalty and interest under J&K Value Added Tax Act, 2005, and Central Sales Tax Act, 1956, for assessments up to 2017-18 (07/07 /2017).
Waiver of interest and penalty in (i) and (ii) subject to 100% payment of principal Tax in the manner and within the prescribed time as per the scheme to be notified by the Government.
