Excelsior Correspondent
SRINAGAR, Jan 23: The Federation of Chambers of Industries Kashmir (FCIK) today urged the UT administration to take up the matter of amnesty regarding defaults in Goods and Services Tax (GST), Employees Provident Fund (EPF), Employees State Insurance (ESI), and Income Tax with the Center.
In a statement issued here, FCIK said that due to prolonged stress over the past years, many industrial enterprises in Jammu and Kashmir have defaulted on regular filing of returns and timely payments for GST, EPF, ESI, and Income Tax.
FCIK noted that a delegation from the Government of J&K, led by the Chief Secretary, is set to meet the Union Finance Ministry for interim budget consultations.
The federation requested a positive response from the Union Ministry of Finance and GST Council, advocating for amnesty with 100% waivers on additional tax, penalty, interest, or any other sum levied against MSMEs due to non-payment or late payment of GST.
FCIK has sought an amnesty scheme for MSMEs regarding defaults in timely EPF contributions, with a waiver of all damages and interest chargeable Under Section 14B of the EPF & Miscellaneous Provisions Act of 1952.
The demand includes settling defaulted principal amounts in easy installments over the next two years, FCIK said.
For MSMEs failing in timely ESI contributions, FCIK has called for amnesty, recommending a waiver on damages and interest imposed by the Employees State Insurance Corporation (ESIC).
The Federation has urged settling long-pending disputes with enterprises under a liberal settlement scheme.
FCIK further demanded a general amnesty scheme for various defaults identified during MSMEs’ return processing, with waivers of interest, penalties, and other damages.
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