J&K Govt extends amnesty for settlement of unresolved issues in old tax regime

The Finance Department, Government of Jammu and Kashmir on Wednesday announced the extension of amnesty for the settlement of unresolved issues in the old tax regime for the smooth implementation of Goods and Services Tax. The Scheme would continue till June 30, 2020.

Government expects the scheme to be availed by all the dealers who could not avail the benefit of the amnesty, provided they pay the admitted or assessed or reassessed principal tax by or before June 30, 2020.

The official Spokesperson said that the scheme could 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 installments.

The most attractive aspect of the Scheme was 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and penalty by granting full waiver of interest and penalty under Jammu and Kashmir Valued added Tax Act, 2005(now repealed) and General Sales tax Act, 1962.

For all the cases pending in appeal in any forum - this Scheme offers a relief only if the cases were withdrawn by the dealers and the proof of the same was to be submitted along with the proof of payment of tax by or before June 30, 2020.

As the objective of the Scheme was to free as large segment of the taxpayers from the legacy taxes as possible, the relief given there under was substantial. The Scheme was well tailored to cover the period up to July 7, 2017.