Jammu and Kashmir extends amnesty schemes till June 30 for tax disputes

The administration introduced the extension of amnesty scheme for the settlement of unresolved points within the previous tax regime for easy implementation of the Goods and Services Tax (GST).

The scheme would proceed till June 30, 2020.

The administration expects the scheme to be availed by all of the sellers who couldn’t avail the advantage of the amnesty introduced in 2018, supplied they pay the admitted, assessed and reassessed principal tax by or earlier than June 30, 2020, an official spokesman mentioned.

The scheme may also be availed by all these sellers, who had utilized beneath the sooner scheme, however had both did not deposit the fee in time or had missed any of the instalments.

The most engaging facet of the Scheme is that it supplies aid to the sellers having arrears on account of Tax, curiosity and penalty by granting full waiver of curiosity and penalty beneath the Value added Tax Act and General Sales tax Act.

For all of the instances pending in enchantment in any discussion board – this scheme affords a aid provided that the instances are withdrawn by the sellers and the proof of the identical is to be submitted together with the proof of fee of tax by or earlier than 30th June 2020, the spokesman mentioned.

As the target of the scheme is to free as massive section of the taxpayers from the legacy taxes as attainable, the aid given there beneath is substantial.

The scheme is nicely tailor-made to cowl the interval as much as July 7, 2017.

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