The Jammu and Kashmir administration 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 (GST). The scheme would continue till June 30.
The government expects the scheme to be availed by all dealers who could not avail of the benefit of the amnesty provided they pay the admitted/assessed/re-assessed principal tax by or before June 30.
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.
The scheme provides relief to the dealers having arrears on account of tax, interest, and penalty by granting a full waiver of interest and penalty under Jammu and Kashmir Valued Added Tax Act, 2005(now repealed) and General Sales Tax Act, 1962.
The objective of the scheme is to free a large segment of the taxpayers from the legacy taxes. The scheme is tailored to cover the period up to July 7, 2017.