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| Vohra promulgates ordinances to boost cross-LoC trade | | | Early Times Report
SRINAGAR, Aug 26: Governor N.N.Vohra has promulgated an ordinance to introduce amendments in Jammu and Kashmir Value Added Tax Act 2005 and another ordinance to amend Jammu and Kashmir fiscal responsibility and budget management Act-2006.
As the State Legislature is not in Session, Governor, on the recommendations of the Chief Minister, in exercise of the powers conferred upon him under Section 91 of the Constitution of Jammu and Kashmir, promulgated the aforesaid two Ordinances, which come into force with immediate effect.
Jammu and Kashmir Value Added Tax (Amendment) Ordinance 2011, would pave the way for application of Zero rate VAT on goods produced and manufactured in the State of Jammu and Kashmir and sold/supplied to the traders across Line of Control via Chakan-da-Bagh in Poonch and Salamabad in Uri tehsil of Jammu and Kashmir.
It is pertinent to mention that the Cross-LoC Traders in Jammu and Kashmir had been, for the past several months, demanding exemption of VAT on sales/supplies made to the traders across Line of Control. Promulgation of the “The Jammu and Kashmir Fiscal Responsibility and Budget Management (Amendment) Ordinance, 2011” would enable the state government to avail several fiscal benefits from the government of India which include debt consolidation and relief facility (approx. Rs.115 crore annually), Relief in Interest payment on NSSF loans (approx. Rs.100 crore), waiver of Central Loans (approx. Rs.117 crore) and release of State Specific grants (Rs.350 crore).
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