SRINAGAR: To tackle the slowdown of the economy due to COVID-19 pandemic, the Administrative Council (AC) had approved a relief package to revive the economy.
Earlier, the Union Government rolled out a Rs 20 lakh crore package under the umbrella of ‘Atmanirbhar Bharat Abhiyan’. 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.
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. The date of filing of re-imbursement claims (GST returns/ claims) for the period January to March 2020 has been extended to 15th October and for the period April to June to 15th November
In normal course, the industrial units claiming GST re-imbursement on supply of goods during inter-state movement were required to get the relevant electronic bills stamped and verified by the consignee. However, considering the issues due to COVID-19 pandemic, self attestation of claimants has been enabled and scanned copies of such documents verified by the consignee and attested by the claimants with a post dated cheque shall be accepted for reimbursement for a period of 6 months.
To enable smooth transition out of the pandemic’s economic shock, 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 directed the Finance Department to come up with a proposal for interest subvention for currently operating establishments, in consultation with the Industries & Commerce Department. The Industries Department was also directed to implement the policy of preference for local manufacturers in procurement through an appropriate mechanism.
