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

Jammu: Finance Department, Government of Jammu and Kashmir 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 (GST). 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 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 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and penalty by granting full waiver of interest and penalty under Jammu and Kashmir Valued added Tax Act, 2005(now repealed) and General Sales tax Act, 1962.
For all the cases pending in appeal in any forum – this Scheme offers a relief only if the cases are withdrawn by the dealers and the proof of the same is to be submitted along with the proof of payment of tax by or before 30th June 2020.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 there under is substantial. The Scheme is well tailored to cover the period up to 7th July 2017.