To tackle the slowdown of the economy due to the COVID-19 pandemic, the Administrative Council on Friday 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�, sharply focusing MSMEs, priority sectors and vulnerable segments. 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 up to October 31, 2020. Whereas, the date of filing of re-imbursement claims (GST returns/claims) for the period from January to March 2020 has been extended to October 15, 2020, and for the period April to June 2020 to November 15, 2020.
In a normal course, the Industrial units claiming GST re-imbursement on the supply of goods during the inter-state movement were required to get the relevant electronic waybills stamped and verified by the consignee. However, considering the issues due to the COVID-19 pandemic, the 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 driven economic shock, under the relief package, the surcharge leviable on the fixed charges of all the industrial/commercial establishments in J&K for the period March 31 to October 31, 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. Industries Department was also directed to implement the policy of preference for local manufacturers in procurement through an appropriate mechanism.
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