Excelsior Correspondent
UDHAMPUR, Jan 30: Associated Chamber of Commerce and Industries (ACCI), Udhampur today stressed upon the J&K Administration to extend the date of depositing the 3rd and final installment of arrears of the old tax regime under Government’s amnesty scheme.
In a statement issued here, president of ACCI Udhampur, Ravi Malguria said that Government vide its order number 39- FD of 2018 dated 5-02-2018 had announced an amnesty scheme for traders and industrial unit holders of Jammu and Kashmir who had not paid their tax arrears on time (under the old tax regime) for smooth implementation of Goods and Services Tax (GST).
“Under the scheme, traders could get 100 % remission of penalty and interest on arrears of tax under the provisions of J&K Value Added Tax Act 2005 (now repealed) if they pay the admitted, assessed/reassessed principal tax upto the accounting year 2016-2017 in 3 equal installments to be paid on 31 March 2018, 31 January 2019 and 31 January 2020, respectively,” he added.
Mangluria said the traders have paid their 1st two installments well on time but due to internet gag and disturbances in J&K after scrapping of Article 370 and reorganization of J&K state, majority of the traders have failed to pay their 3rd and final installment which is due on January 31. He appealed J&K administration to extend the date of depositing the third installment so that the inconvenience faced by the dealers in depositing their installment is addressed.
Meanwhile, Beopar Mandal, Udhampur has also urged Commissioner of Commercial Taxes, Jammu to extend the date of depositing last installment, stating that frequent bandhs and loss of business in last 3-4 months have severely hit the working capital of the business.
“Inventories have been blocked and payments from debtors have been very poor in last few months as there is a bad business environment and very difficult for the businessmen to remit the final installment by January 31,” said Jitender Vermani, President of Beopar Mandal, Udhampur and requested the authorities to extend the date of depositing final installment by at least one month.
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