Sunday, February 18, 2018
ABOUT US CONTACT US ADVERTISE WITH US FOLLOW US ON    
 
Kashmir Times Logo www.kashmirtimes.com
Front Page
J&K retains assessment powers under GST
Commercial enterprises over Rs 1.50 Cr turnover to be assessed on 80:20 basis: Drabu
KT NEWS SERVICE
JAMMU, Feb 7: Jammu and Kashmir government has retained the tax assessment and administration powers under Goods and Services Tax regime, which was an intractable issue post-GST implementation.

“In a welcome move, the Union Finance Ministry has agreed to our contention of retaining cent percent assessment powers by the state’s tax administration for the businesses up to an annual turnover of Rs 1.50 Cr as also for the new businesses,” said Finance Minister Dr Haseeb Drabu.

He said in another significant decision, the Union Finance Ministry agreed to J&K’s proposal of assessing the businesses with a turnover of more than Rs 1.50 Cr on 80:20 basis. He said under this arrangement 80 percent of all assesses with a turnover above Rs 1.5 Cr in J&K would be assessed by the state authorities, while the remaining 20 percent would be assessed by the central authorities.

“In a major relief for the local businesses, each assessee in J&K would be assessed only by one authority and they won’t have to jump from one authority to other," Drabu said, putting to rest fears over dual administration by the state and the Centre.

In case of other states, there would be a dual mechanism of assessment with the central tax administration and the state government sharing the assessees with a turnover of Rs 1.5 Cr. Drabu said the dual mechanism of assessment would have created administrative hassles for the tax administration and the businesses in J&K.

He said in case of other states the assessment mechanism for the businesses with turnover of above Rs 1.50 Cr would be on 50:50 basis between the state and the Centre.


News Updated at : Thursday, February 8, 2018
 
Comment on this Story 

 
 
Top Stories of the Day  
J&K retains assessment powers under GST
JAMMU, Feb 7: Jammu and Kashmir government has retained the tax assessment and administration powers under Goods and Services Tax regime, which was an intractable issue post-GST implementation. “In a welcome move, the Union Finance Ministry has agreed to our contention of retaining cent percent assessment powers by the state’s tax administration for the businesses up to an annual turnover of Rs 1.50 Cr as also for the new businesses,” said Finance Minister Dr Haseeb Drabu. He said in another
> Police didn’t mention name of accused in FIR; SHRC seeks reply in human shield case
> Landslides disrupt traffic on Srinagar-Jammu NHW
> Clouds rekindle hope of rain, snow
> 3 houses gutted in Karnah fire
> Kawa gets bail in Red Fort attack case
 
 
Other Stories from Web  
 
 
 
Find us on
 
 
Weather Report
 
Shridev Sharma
 
Mata Vaishnodevi | Matavaishnodevi | Mata Vaishno Devi
 
Electric Blanket | Electric Bed Warmers | Electric Under Blankets | Electric Heating Blanket
 
 
 
Web Design Jammu, Web Design Company, Ideogram Jammu
 
 
Home | Contact Us | Kashmir Times | Kashmir Times E-Paper - Jammu | Kashmir Times E-Paper - Srinagar | Dainik Kashmir Times | Jammu Prabhat
Copyright 2013 Kashmir Times Group. All rights reserved. Powered by Ideogram Technology Solutions Pvt. Ltd.