Srinagar, July 8 (KNN) Federation Chamber of Industries Kashmir (FCIK) has appealed the Tax Department to consider granting amnesty to VAT arrears which will help all registered units be out of this constant worry.

The industry body held an interactive session about this issue on Thursday with Dr Rashmi Singh, Commissioner State Taxes Department, Manzoor Ahmad Bhat Additional Commissioner State Taxes, Danish Gill Deputy Commissioner CGST and other officers.

Leading the FCIK team President Shahid Kamili was present along with Ovees Qadir Jamie Secretary General and Daniyal Qureshi Secretary FCIK.

Pressing on the need to review all GST regulation and taxation policies concerning MSMEs with all stakeholders, Jamie said that before the introduction of the GST regime, the industry was promised a clean slate for the VAT regime.

“The VAT arrears should be granted amnesty so that all registered Units will be out of this stress. Further, Amnesty for all defaults for the pre-GST period be announced and any recovery process in this regard should be dropped till March 2023," he added.

The Secretary General further said that amnesty in the renewal of all obligatory certificates be announced and any penalty for any default be waived off.

“Moreover, all disputes of pre-GST i.e. may be in terms of non-filling of returns under the VAT Regime must be put under amnesty and penalties, and interest levied by the State Tax Department should be withdrawn,” he said.

Jamie also suggested that for the reimbursement of SGST a mechanism should be made. (KNN Bureau)