Jammu : Jammu and Kashmir government in a major initiative have announced grant of amnesty scheme for settlement of tax arrears prevailing to pre-GST regime.
With reference to Administrative Council decision, the government Finance Department on Monday accorded sanction to the waiver of 100 percent of penalty and interest payable by dealer under the J&K General Sales Tax Act,1962 and Central Sales Tax Act 1956 relating to assessment and reassessment made including yet to be assessed cases till accounting year 2017-18 (up to 07/07/2017 in respect of dealers (other than liquor dealers.).
For the dealers dealing in Liquor, the date of coverage shall be 31/08/2017, read an order.
It further stated that waiver of 100 percent of penalty and interest payable by dealer under the J&K Value Added Tax Act,2005 and Central Sales Tax Act, 1956 relating to assessment and reassessment made including yet to be assessed cases till accounting year 2017-18 (up to 07/07/2017).
“The waiver of interest and penalty shall be subject to the payment of 100 percent of Principal Tax in the manner and within the prescribed time as specified in the scheme appended with the order,” it read.
It further read that settlement of demands in respect of Large, Medium, Small Scale Industrial Units under the provisions of the Jammu and Kashmir Value Added Tax Act, 2005 (now repealed) for the accounting years upto 2017-18 (upto 07/07/2017), J&K General Sales Tax Act,1962 upto 2017-18 (up to 07.07.2017 and 31.08.2017 in case of industrial units dealing in liquor) and Central Sales Tax Act,1956 in respect of assessed and reassessed demands including yet to be assessed cases with certain conditions specified in the scheme appended with this order.
