SGST refund deadline extended, Stamp duty to be remitted
Excelsior Correspondent
JAMMU, July 17: The Union Territory Government today withdrew certain incentives extended to the industrial units in view of new Industrial Policy and ordered remission of Stamp duty for new as well as existing industrial units while extending State Goods and Services Tax (SGST) till 2031.
Four orders to this effect have been issued by Financial Commissioner (Finance Department) Dr Arun Kumar Mehta, who is also the Chief Secretary of the Union Territory.
The Scheme titled Jammu and Kashmir reimbursement of State Taxes for encouraging large investments for industrial Development in the State of Jammu and Kashmir notified by the Government on February 26, 2019 has been withdrawn.
The Scheme had extended incentives in the form of budgetary support to the manufacturing units operating in Jammu and Kashmir and involving investment of Rs 50 crore or more either on substantial expansion of existing units or setting up of new unit.
Sources said the Scheme has been withdrawn as new incentives have been introduced in the form of new Industrial Policy.
The Finance Department has amended another SRO under which SGST refund applicable to new and existing units has been extended till March 2031, which was earlier applicable till the last date of Industrial Policy 2016.
The Government has fulfilled its promise of Stamp duty remission chargeable under Section 9 of the Stamps Act.
“In exercise of the powers conferred by Clause (a) of Section 9 of the Stamps Act, the Government hereby directs that there shall be remission of duty chargeable under the said Act for new as well as existing industrial units undertaking substantial expansion in case of documents/instruments related to land transactions in the Government Industrial Estates including lease/mortgage deeds executed by the Industrial Units under Jammu and Kashmir Industrial Policy 2021-20 notified by the Government on April 19, 2021,” the Finance Department order read.
The Government, it may be mentioned, had promised remission of Stamp Duty to the Industrial Units.
Through another order issued by the Finance Department, the Government has withdrawn budgetary support to the manufacturing units in the shape of reimbursement of Integrated Goods and Services Tax (IGST) paid under the Scheme Jammu and Kashmir Reimbursement of Integrated Goods and Services Tax for promotion of Small/Medium/Large Scale industries in J&K from April 1, 2021.
Sources said this will have impact on the units engaged in inter-State sales.
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