With a view to give immediate succour to the business community to bring on the track the economic activities in the Valley in the aftermath of devastating floods, the Government has decided to give certain concessions in this regard.
The relaxations have been considered after detailed meeting with the body of businessmen namely State Economic Reconstruction Forum (SERF) by Chief Minister, Omar Abdullah and Finance Minister, Abdul Rahim Rather, the other day.
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.
The Government has agreed that the registered dealers whose business record and sales accounts have been destroyed due to last month’s floods shall not be required to file the quarterly returns for the second quarter ended 30th September, 2014 within the period prescribed under the Rules instead, the quarterly returns for the second quarter shall be filed by them along with the returns for the third quarter of the current financial year.
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. 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. The purpose of taking cognizance of losses of stocks and record due to the floods, production of a copy of FIR shall not be insisted upon by any assessing officer. The Commercial Taxes Department shall take cognizance of information provided by the Revenue Department or their prescribed authorities for this purpose.
The Government has maintained that the requirement of filing audited accounts for the year ended 31st March, 2014 by such flood affected dealers as are required to file such accounts shall be deferred up to the 31st March, 2015. Simultaneously, the feasibility of making suitable amendment in the statute to totally dispense with this requirement for the year 2013-14 in respect of the flood affected dealers shall be separately examined on priority basis, it has been maintained.
The Government has further clarified that the relief material has already been exempted from the levy of Toll tax. 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 i.e. up to 31stDecember, 2014. 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. This facility shall be available up to 31st December, 2014, the Government has maintained.