Tuesday, April 3, 2012

Bill introduced to amend GST Act

Finance Minister Abdul Rahim Rather today introduced a bill in the Legislative Assembly to amend Jammu and Kashmir General Sales Tax (GST) Act, 1962.

Mr Rather said the amendment was aimed at providing relief to the contractors, which was their long pending demand.

"It would be now mandatory for the Drawing and Disbursing Officers, who deduct tax from dealers engaged in the execution of work contracts, to get registered with Commercial Taxes Department after which they would be allotted Tax Deduction Numbers (TDN)’’, he added.

Mr Rather said the proposed amendment would ensure that the tax deducted by the DDOs was promptly deposited in the treasuries and individual tax payments of the contractors were identified, which would reduce the infructuous demands created against the contractors by the Assessing authorities.

"The matter has been scrutinized by a committee of officers in the Commercial Taxes Department, which, after deliberations, has proposed the amendments to Section 16-C of the J&K GST Act’’, Mr Rather added.

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