Thursday, 8 February 2018

J&K notifies budgetary support for manufacturing units; To reimburse SGST after ITC adjustment

J&K Govt. notifies scheme for providing budgetary support to manufacturing units to come into operation from July 8, 2017, till the last date of Industrial Policy 2016; Said scheme shall be limited to reimbursement of tax which accrues to State Govt. under J&K GST Act (i.e. SGST) after adjustment of input tax credit of SGST and IGST on supply of finished goods by manufacturing units; As per the definitions clause, “eligible unit” shall mean a manufacturing unit registered as on July 7, 2017 under J&K VAT Act and also formally registered with Dept. of Industries and Commerce / Directorate of Handicrafts Handloom except units manufacturing specified goods (Annexure A) and units eligible for reimbursement under SRO 519 dated December 21, 2017; However, benefit of reimbursement shall not be extended to industrial units who are procuring inputs exclusively from composition dealers or from any unregistered persons, and to those who make supply of services or interstate supplies of finished goods either directly or indirectly or through intermediaries or proxies; Reimbursement shall be worked out on quarterly basis for which, claims would also require to be filed by 15th of succeeding month after end of quarter; As per Annexure A, the scheme shall apply to 17 goods such as repacked goods, bricks & tiles, soft drinks, TVs, ACs, Refrigerators and Washing Machines when sold under brand name of other products, tobacco and its products, and arms & ammunition including accessories thereof; Scheme also lays down the manner of budgetary support, provides for inspection of eligible unit, repayment by claimant / recovery and dispute resolution : J&K Finance Dept. Notification 

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