Govt extends amnesty scheme to settle tax arrears under VAT

Srinagar, Feb 26 : The Jammu and Kashmir government on Wednesday extended timeline for availing benefits of amnesty granted to dealers for the settlement of unresolved issues in the old tax regime to pave way for smooth implementation of Goods and Services tax in Jammu and Kashmir.

According to wire service—Kashmir News Observer (KNO), an order issued by Finance department, the dealers who could not avail the benefit of the amnesty can also apply under the scheme provided they pay the admitted/assessed/reassessed principal tax by or before June 30, 2020.

The benefit under the scheme can also be availed by all such dealers who had applied under the scheme but had either failed to deposit the payment in time or have missed any of the instalments.

The amnesty announced by the government in February 2018 provides 100 percent remission of penalty and interest on arrears of tax for dealers under the provisions of erstwhile Jammu and Kashmir Value Added Tax -2005 and Jammu and Kashmir Sales Tax-2005.