The Government of Jammu and Kashmir’s Finance Department, has announced an extension of the amnesty scheme for the settlement of unresolved GST issues in the old tax regime for the smooth implementation of Goods and Services Tax (GST). The Scheme now would continue till June 30, 2020.
The State Government expects the Scheme to be availed by all the dealers who could not avail the benefit of the amnesty announced by the Government on 5th February 2018 provided they pay the assessed principal tax by or before 30th of June, 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 installments.
What makes this Scheme welcoming is that it provides relief to the dealers having arrears on account of unresolved GST issues Tax, interest, and penalty by granting a full waiver of interest and penalty under Jammu and Kashmir Valued added Tax(VAT) Act, 2005(now-defunct) and General Sales-tax Act, 1962.
The said Scheme offers the assured relief only if the cases are withdrawn by the dealers and the proof of the same is to be submitted along with the proof of payment of tax by or before 30th June 2020. The relief given is substantial as the objective of the Scheme is to free as large segments of the taxpayers from the legacy taxes as possible. The Scheme covers the period up to 7th July 2017.
