Relief package passed to flourish J&K’s economy

Srinagar: To tackle the slowdown due to COVID-19, the Jammu & Kashmir Administrative Council (AC) which met under the chairmanship of Lieutenant Governor G.C. Murmu on Friday approved a relief package to revive the Union territory’s economy.

“Earlier, the Union government rolled out a Rs 20 lakh crore package under the umbrella of ‘Atmanirbhar Bharat Abhiyan’, sharply focusing on MSMEs, priority sectors and vulnerable segments. However, the Jammu & Kashmir government felt a need to consider similar handholding measures for areas/borrowers not covered under the Central Government package.”

an official statement said.

“In order to clear the supply of sales tax/VAT arrears under the relief package, the amnesty scheme has been extended up to 31st, October 2020. Whereas, the date of filing of reimbursement claims (GST returns/claims) for the period from January to March 2020 has been extended to 15th October 2020 and for the period April to June 2020 to 15th November 2020.

“In a normal course, the industrial units claiming GST reimbursement on the ly of goods during the r-state movement were required to get the relevant electronic waybills stamped and verified by the consignee.”

“However, considering the issues due to COVID-19 pandemic, self-attestation of claimants has been enabled and scanned copies of such documents verified by the consignee and attested by the claimants with a post-dated cheque shall be accepted for reimbursement for a period of 6 months.

To enable smooth transition out of the pandemic driven economic shock, under the relief package, the surcharge leviable on the fixed charges of all the industrial/commercial establishments in J&K for the period 31st March 2020 to 31st October 2020 shall be borne by the government, it said.

Stamp duty on fresh lending under the GoI’s/J&K government’s package shall also be waived off under the relief package so that the cost of lending is reduced.

Moreover, the Administrative Council directed the nce Department to come up with a proposal for interest subvention for currently operating establishments, in consultation with the stories & Commerce Department. Industries Department also directed to implement the policy of preference for local manufacturers in procurement through an appropriate mechanism.