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
Subscribe to:
Post Comments (Atom)
Bombay HC Clarifies That Genuine Bad Debt Write-offs Need Not Fail for Accounting Technicalities
Businesses often find themselves in a peculiar position when a customer default turns into a prolonged dispute. Even where recovery procee...
-
A new website launched for TDS related matters www.tdscpc.gov.in TRACES – T DS R econciliation A nalysis and C orrection E nabling S yste...
-
Issue before the Income-tax Appellate Tribunal (ITAT) Whether the phrase “paid up capital and general reserves” should be defined as “Ne...
-
Introduction Employee welfare is a cornerstone of corporate responsibility, and gratuity forms a critical part of the social security benefi...
-
Sr No Due Date Related to Compliance to be made 1. 11.06.2026 GST ...
-
In the complex landscape of India’s Goods and Services Tax (GST), the tax treatment of non-compete fees has emerged as a critical area f...
-
Selling a property can trigger a significant tax liability in the form of capital gains tax. However, the Income-tax Act, 1961, allows you...
-
Capital gains taxation on immovable property under the Income-tax Act, 1961 often turns on a deceptively simple question: when is a proper...
-
Tax Deducted at Source (TDS) is generally not applicable to interchange fees, payment gateway charges, or the Merchant Discount Rate (MDR)...
-
The newly enacted Income Tax Act, 2025, marks a significant step toward simplification by consolidating multiple presumptive taxation sche...
-
In a significant victory for multinational enterprises and foreign portfolio investors, the Delhi bench of the Income Tax Appellate Tribun...
No comments:
Post a Comment