Government firm on VAT
Government firm on VAT
Jammu and Kashmir government today said that the benefit of remission under the VAT amendment bill would be available to entire industrial sector except those falling in negative list.
Replying on the passing motion of the bill in J&K assembly, state Deputy Chief Minister Muzaffar Hussain Baig said the amendments proposed to the act have been worked out after series of meetings with trade unions, manufacturers, industrialists and others who come under the preview of the act.
Saying that industrial policy providing incentives to the investors and industrialists for encouraging establishment of ventures in the state was operative before enactment of VAT as such amendments to accommodate the sector under remission were necessiated.
He said the act is not for any individual unit or industry but entire industrial sector comes under the ambit of benefit excepting those falling in negative list.
Baig said that by changing the limit, already worked out with concerned unions, would open a pandora’s box creating unnecessary ambitions amongst traders.
He said that the increase in limit envisaged in the VAT amendment bill would cover only taxable income as against the earlier limit fixed for the gross turnover thus provide considerable relief to the traders.
More: ptinews.com