A second relief package to revive the economy of Jammu and Kashmir was approved by the Administrative Council (AC), which met under the chairmanship of Lieutenant Governor G C Murmu on Friday.
In order to clear the backlog of sales tax/VAT arrears under the relief package, the Amnesty scheme has been extended up to October 31, 2020. Whereas, the date of filing of reimbursement claims (GST returns/claims) for the period from January to March 2020 has been extended to October 15, 2020, and for the period April to June 2020 to November 15, 2020, according to a release by the administration of the Union territory.
Further, the industrial units claiming GST reimbursement on the supply of goods during the inter-state movement were required to get the relevant electronic way bills stamped and verified by the consignee. However, considering the issues due to COVID-19 pandemic, self-attestation of claimants has been enabled and scanned copies of such documents verified by the consignee and attested by the claimants with a post-dated cheque shall be accepted for reimbursement for a period of 6 months.
To enable smooth transition out of the pandemic driven economic shock, under the relief package, the surcharge leviable on the fixed charges of all the industrial/commercial establishments in Jammu and Kashmir for the period March 31, 2020, to October 31, 2020, shall be borne by the government.
"Also, stamp duty on fresh lending under the GoI's/Jammu and Kashmir government's package shall also be waived off under the relief package so that the cost of lending is reduced," the administration said.
The AC has also directed the Finance department to come up with a proposal for interest subvention for currently operating establishments in consultation with the Industries and Commerce Department.
( With inputs from ANI )