Government extends tax amnesty in JK

Srinagar, Aug 8: The Jammu and Kashmir government has extended the qualifying timeframe for tax amnesty in the state till September 6, for both trade and industry.

The decision was taken after a deputation of Trade, Commerce and Industry Kashmir comprising President, Federation of Commerce and Industry Kashmir Shakeel Qalander, President, Kashmir Chamber of Commerce and Industry Mubin Shah, Vice President, Federation Commerce and Industry Kashmir Iqbal Tramboo and General Secretary, Federation of Commerce and Industry Kashmir Afaq Qadri called on Minister for Finance, Planning, Law and Parliamentary Affairs Tariq Hameed Kerra here today.

The Minister has assured the deputation that the period for filing of documents along with tax instalments would be extended for both trade and industry.

The finance minister, had in the budget speech announced a scheme for giving amnesty to traders for the last time as a measure to ensure a clean slate so that measured tax reforms in the form of VAT were implemented in a timely manner.

Similarly, industrial units which were assured tax on account of technical defaults or violation of provisions of the act were also given a final chance to avail the amnesty.

The amnesty came into force from May 7, 2007 for a period of six months with a condition that traders and industrial units fulfil requisite formalities within a month in the case of traders and three months in the case of the industry respectively.

The finance minister also announced an extension for filing the documents along with tax instalments upto September 6 for both trade and industry.

However, he made it clear that this would be the last chance for giving the amnesty.

After the amnesty period is over, the state government will move a bill in the legislature to amend the act so as to remove the existing provisions which allow the amnesty, he said and appealed to trade and industrialists to avail their last chance and fulfil required provisions in a stipulated time period.

UNI