J-K govt announces tax sops to flood-affected businessmen

  • PTI, Srinagar
  • Updated: Oct 05, 2014 15:59 IST

Jammu and Kashmir government has announced a slew of concessions to the flood-affected businessmen with a view to give immediate succour to the community and bring on the track the economic activities.

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 the other day, 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

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