Waive Off Interest On Delayed Instalments: Traders To Govt

SRINAGAR: The traders on Saturday appealed the income tax commissioner to waive off the interest rate on the delayed monthly instalments.

Talking to KNS, President of the Coordination Committee Zaina Kadal, Muhammad Ashraf Wani said, “the authorities had given amnesty to the traders in SRO 360 but in case of delay in the monthly instalments the department is forcing them to pay the monthly instalment including the 5 per cent interest of the total amount.”

He appealed the income tax department to waive off the interest rate on the delayed monthly instalments so that the traders here could feel a sigh of relief.

Those Availing Amnesty To Pay Arrears By Feb 28

According to Additional Commissioner Commercial Taxes Department Kashmir, all those traders who are availing amnesty scheme under SRO 30 of February 1, 2017 have been asked to pay first instalment of their tax arrears by February 28, 2017, an official spokesperson said.

The Additional Commissioner said that as per the SRO there shall be 100 percent remission penalty and interest on arrears of the tax in respect of all the dealers registered under the provisions of Jammu and Kashmir Value Added Tax, 2005, who pay the arrears of VAT, assessed/re-assessed up to the accounting year 2015-2016, in six equal monthly instalments.

Furthermore, he said that dealers who default in paying first instalment shall entail outright disqualification from the amnesty scheme.

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