SRINAGAR: The State Administrative Council (SAC), which met here today under the chairmanship of Governor, Satya Pal Malik approved the ‘Jammu and Kashmir Goods and Services Tax (Amendment) Bill, 2018’.
The Jammu and Kashmir Goods and Service Tax Act, 2017 makes a provision for levy and collection of tax on intra-state supply of goods or services or both by the State of Jammu and Kashmir. The act is a replica of the Goi Act on the subject. The Central Goods and Service Tax Act has been amended by the Central Goods and Service Tax (Amendment) Act, 2018.
Accordingly, Finance Department proposed amendments in the State Act with a view to end inconveniences caused to the taxpayers, especially small and medium enterprises viz; the process of filing return and payment of tax under the Goods and Services Tax Laws. The new return filing system envisages quarterly filing of return and tax payment for small taxpayers along with minimum paperwork.
The amendments will improve the tax administration and revenue realization under the GST Act in the State.