 Early Times Report
Srinagar, July 17: The Jammu and Kashmir Administrative Council (AC) which met on Friday under the chairmanship of Lieutenant Governor, G C Murmu, approved relief measures to revive the economy and tackle the slowdown of economy due to COVID-19 pandemic.
An official statement issued in thia regard said that although the government of India had already rolled out a 20 lakh crore package under the umbrella of ‘Atmanirbhar Bharat Abhiyan’, sharply focusing MSMEs, priority sectors and vulnerable segments, however, the Jammu and Kashmir Government “felt a need to consider similar hand holding measures for sectors/borrowers not covered under the Central Government package”.
It said that in order to clear the backlog of sales tax/VAT arrears under the relief package, the Amnesty scheme has been extended upto 31st, October, 2020.
Besides, the date of filing of re-imbursement claims (GST returns/claims) for the period from January to March, 2020 has been extended to 15th October, 2020 and for the period April to June, 2020 to 15th November, 2020, the statement said.
The SAC also announced a special provision for GST reimbursement on supply of goods during inter state movement in viewbof the pandemic.
In a normal course, the Industrial units claiming GST re-imbursement on supply of goods during inter-state movement were required to get the relevant electronic way bills stamped and verified by the consignee. But in view of the COVID-19 pandemic, the SAC has enabled self attestation of claimants and scanned copies of such documents verified by the consignee and attested by the claimants with a post dated cheque shall be accepted for re-imbursement for a period of 6 months.
It further said that in order 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 J&K for the period 31st March, 2020 to 31st October, 2020 shall be borne by the government.
Stamp duty on fresh lending under the GoI’s/ J&K Government’s package shall also be waived off under the relief package so that the cost of lending is reduced.
Moreover, the Administrative Council has also directed Finance Department to come up with a proposal for interest subvention for currently operating establishments, in consultation with Industries & Commerce Department. Industries Department was also directed to implement the policy of preference for local manufacturers in procurement through an appropriate mechanism. |
