Dinesh jain
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The Jammu and Kashmir government has
announced a slew of concessions to flood-
affected businessmen with a view to give
immediate succour to the community and bring
economic activities back on track.
The relaxations were considered after detailed
meeting with the State Economic
Reconstruction Forum (SERF), a trade body
formed in the aftermath of the floods, by Chief
Minister Omar Abdullah and Finance Minister
Abdul Rahim Rather, an official spokesman
said.
The government has agreed that the registered
dealers, whose business record and sales
accounts have been destroyed due to floods,
can file their returns of the second quarter of
the current fiscal by the prescribed last date
for filing third quarter returns, the spokesman
said.
"The government has further decided that
whose stocks destroyed due to the floods shall
be deducted from the assessment of sales on
the basis of declarations to be made by the
concerned registered dealers," he said.
The stocks transported into the state but lying
with the transport companies and destroyed
due to floods shall also be taken cognizance
of in a similar manner at the time of
assessment, he added.
The assessing officer shall not insist on
production of a copy of FIR for the purpose of
taking cognizance of losses of stocks and
record due to the floods, the spokesman said
adding the Commercial Taxes Department shall
take cognizance of information provided by the
Revenue Department or their prescribed
authorities for this purpose.
The filing of audited accounts for the year
ended March 31, 2014 has been deferred to
March 31, 2015 for flood-affected dealers.
"Any registered dealer required bringing in
furniture, fixtures, gadgets or equipment
necessary for replacing his assets lost due to
the floods in order to restart his business shall
be exempted from entry tax and toll on such
equipment for a period of one month," the
spokesman said.
Similarly, no toll shall be charged on the
movement of damaged fabric through
Lakhanpur Check Post when such fabric is
returned or sent out for disposal or
reprocessing, he said adding this facility shall
be available up to December 31, 2014.
The Chief Minister and Finance Minister have
assured the business community in the State
that in this hour of distress the State
Government stands with them and all other
stake holders and the civil society at large and
shares with them a common cause of initiating
all the requisite steps which would help in
speedy placing the economic activities back on
rails.
J-K government announces tax sops to flood-affected businessmen
announced a slew of concessions to flood-
affected businessmen with a view to give
immediate succour to the community and bring
economic activities back on track.
The relaxations were considered after detailed
meeting with the State Economic
Reconstruction Forum (SERF), a trade body
formed in the aftermath of the floods, by Chief
Minister Omar Abdullah and Finance Minister
Abdul Rahim Rather, an official spokesman
said.
The government has agreed that the registered
dealers, whose business record and sales
accounts have been destroyed due to floods,
can file their returns of the second quarter of
the current fiscal by the prescribed last date
for filing third quarter returns, the spokesman
said.
"The government has further decided that
whose stocks destroyed due to the floods shall
be deducted from the assessment of sales on
the basis of declarations to be made by the
concerned registered dealers," he said.
The stocks transported into the state but lying
with the transport companies and destroyed
due to floods shall also be taken cognizance
of in a similar manner at the time of
assessment, he added.
The assessing officer shall not insist on
production of a copy of FIR for the purpose of
taking cognizance of losses of stocks and
record due to the floods, the spokesman said
adding the Commercial Taxes Department shall
take cognizance of information provided by the
Revenue Department or their prescribed
authorities for this purpose.
The filing of audited accounts for the year
ended March 31, 2014 has been deferred to
March 31, 2015 for flood-affected dealers.
"Any registered dealer required bringing in
furniture, fixtures, gadgets or equipment
necessary for replacing his assets lost due to
the floods in order to restart his business shall
be exempted from entry tax and toll on such
equipment for a period of one month," the
spokesman said.
Similarly, no toll shall be charged on the
movement of damaged fabric through
Lakhanpur Check Post when such fabric is
returned or sent out for disposal or
reprocessing, he said adding this facility shall
be available up to December 31, 2014.
The Chief Minister and Finance Minister have
assured the business community in the State
that in this hour of distress the State
Government stands with them and all other
stake holders and the civil society at large and
shares with them a common cause of initiating
all the requisite steps which would help in
speedy placing the economic activities back on
rails.
J-K government announces tax sops to flood-affected businessmen
