Introduction of new vat return form deferred till further orders

Srinagar: The Jammu and Kashmir government has deferred the introduction of new VAT return forms till further orders.
Addressing a joint meeting of the representatives of Trade and Industry and senior functionaries of the Finance Department, Finance Minister Abdul Rahim Rather said the new VAT return form, which is computer compatible and trader-friendly will have to be adopted sooner or later adding that traders should prepare themselves for adoption of the same as early as possible.
He said government considered deferment of the new VAT return form as it would provide an opportunity to the traders to prepare themselves for this change.
The government always wants to have cordial relations with Trade and Industry and every possible measure is being taken to remove hardships and hassles being faced by the traders, he said, adding that computerisation of Commercial Taxes Department was a step in this direction.
Mr Rather while underscoring the relevance of the computerisation in the Commercial Taxes Department, emphasised that it would facilitate e-filing of returns, e-payments and ensure online availability of statutory forms like ”C” forms thereby removing direct interface of traders with the departmental functionaries.
He further added that the computerisation of Commercial Taxes Department will bring in transparency in the functioning of the department.
The Trade and Industry was represented by about 30 members.
Mr Rather also apprised the members of Trade and Industry of the proposed Goods and Services Tax regime (GST) which is on anvil and is to be implemented throughout the country in the near future.
He assured the members that before implementation of the GST, the Trading fraternity and representatives of industry will be taken into confidence and their suggestions will be brought to the notice of Empowered Committee of State Finance Ministers.
He said the Government is concerned about the welfare of the Trading fraternity and will take all possible steps to remove the bottle necks being faced by them.