Govt to reimburse state taxes paid by industrial units under JKGST Act

Govt to reimburse state taxes paid by industrial units under JKGST Act
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JAMMU: To provide budgetary support to the eligible manufacturing units operating in Jammu and Kashmir, the state government has notified the scheme for reimbursement of state taxes paid under Jammu and Kashmir Goods and Services Tax (JKGST) Act 2017. As per SRO-63 issued by the Principal Secretary Finance, Navin Kumar Choudhary, the scheme shall be limited to the tax which accrues to the state government under the Jammu and Kashmir Goods and Services Tax Act, 2017 after adjustment of the input tax credit paid by the manufacturing units, read an official handout. The scheme shall be called the Jammu and Kashmir Reimbursement of Taxes for Promotion of Small/Medium/Large Scale Industries in the State of Jammu and Kashmir and shall come into operation from 08.07.2017 for an eligible unit and shall remain in force till the last date of Industrial Policy, 2016, it read. “In recognition of the hardships arising due to withdrawal of remission from payment of Value Added Tax the government would provide budgetary support to the eligible units by way of part reimbursement of the Goods and Services Tax, paid by the unit after adjustment of Input Tax Credit on supply of finished goods manufactured by the industrial units located in the State of Jammu and Kashmir,” the SRO states. The details of the scheme are available on jakfinance.nic.in.