Srinagar: The Federation of Chambers of Industries Kashmir (FCIK) has solicited endorsement of the LG administration to the Union government for the grant of amnesty concerning defaults in Goods and Services Tax (GST), Employees Provident Fund (EPF), Employees State Insurance (ESI), and Income Tax.
The FCIK statement was released on the heels of a scheduled meeting of a delegation from the Jammu and Kashmir government, under the leadership of the Chief Secretary, with the Union Finance Ministry in connection with interim budget consultations.
While reiterating these demands, FCIK stated that due to the intensification of perpetual stress over the past several years, a substantial number of industrial enterprises in Jammu and Kashmir had defaulted in regular filing of returns and remission of timely payment towards GST, EPF, ESI, and Income Tax.
“These defaulters include those units which have been under perpetual stress for a long time and have also rendered sick for multiple reasons which resulted in their failure in filing GST/ EPF/ESI and Income tax returns on time or did not file at all,” informed FCIK.
In recognition of and consideration of the grave problems faced by enterprises here, the FCIK has hoped for a positive response by the Union Ministry of Finance and GST Council for the grant of amnesty with 100% waivers on additional tax, penalty, interest, or any other sum levied against MSMEs by reason of non-payment or late payment of any GST payable by them.
FCIK has also demanded an amnesty scheme regarding the defaults of MSMEs in timely remittances of their provident fund contributions, with a waiver of all damages and interest chargeable under section 14B of EPF & Miscellaneous Provisions Act of 1952. FCIK has also demanded the settlement of defaulted principal amounts in easy installments over the next two years.
The amnesty in favour of MSMEs desperately needed to be recommended for a waiver on imposition and recovery of damages and interest payable under the regulations set by Employees State Insurance Corporation (ESIC) against defaulting MSMEs who have failed in timely contributions of ESI contributions for their employees. Besides, the corporation needed to settle long-pending disputes with the enterprises under a liberal settlement scheme.
FCIK has also demanded a general amnesty scheme for various defaults identified while processing the returns filed by MSMEs with a waiver of interest, penalties, and other damages.
FCIK has also hoped that apart from pushing for the amnesties, the delegation from J&K will also take up other issues confronting industrial growth and promotion in Jammu and Kashmir. The application of the Central Industrial Scheme of 2021 on the rejuvenation and scaling up of existing MSMEs was crucial for building and restoring the faith and confidence of existing enterprises.
Follow this link to join our WhatsApp group: Join Now
Be Part of Quality Journalism |
Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast. |
| ACT NOW |
| MONTHLY | Rs 100 |  |
| YEARLY | Rs 1000 | |
| LIFETIME | Rs 10000 | |
