SRINAGAR: The Federation of Chambers of Industries Kashmir (FCIK) has expressed its appreciation for the Jammu and Kashmir Administrative Council’s decision to approve amnesty for settling assessed/reassessed demands against industrial units during the VAT regime.
President of FCIK, Shahid Kamili, conveyed his thanks to Lieutenant Governor Manoj Sinha and other council members for addressing the long-standing demand to clear the slate for the industry during the pre-GST period when industrial units were exempt from VAT payments.
Kamili highlighted the challenges faced by industrial units due to irrational demands imposed by assessing authorities through unilateral assessments and reassessments. He noted that these demands had caused inconvenience and trouble for many units, leading to cases being referred to the recovery wing, adding stress to already burdened entrepreneurs.
Describing the amnesty as the industry’s first gift, Kamili credited Chief Secretary Atal Duloo, who engaged in a marathon meeting with authorized FCIK representatives, including Presidents of all industrial estates, to address this crucial issue. Kamili expressed hope that, with the Chief Secretary’s assurance, all genuine demands outlined in the comprehensive memorandum submitted by FCIK would be promptly resolved.
Kamili further anticipated that the guidelines under the amnesty would be straightforward, providing a “clean slate” to the industry, as promised during the transition into the GST regime. He stressed the need to close all cases related to the VAT regime, citing that no taxes were levied on customers during this period under the remission policy.
While acknowledging that the granted amnesty would likely resolve frivolous demands against MSMEs in the pre-GST era, FCIK called for a strong recommendation from the J&K Government to the GST Council and Union Government. This recommendation would seek amnesty for MSME defaults during the GST regime, particularly during the challenging periods of reorganization and Covid restrictions.
