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J&K administrative council announces slew of measures to tackle slowing economy

An official statement said the administration “felt a need to consider similar hand holding measures for sectors/borrowers not covered under the Central Government package”.

Written by Bashaarat Masood | Srinagar | July 18, 2020 7:02:25 am
J&K coronavirus, J&K news, J&K economy, J&K economic reforms, J&K economic package People in a Srinagar garden on Wednesday after the Jammu and Kashmir administration ordered the reopening of all gardens and parks as part of a gradual unlocking process in the Union Territory. (Express photo by Shuaib Masoodi)

To tackle the slowdown of the economy due to the pandemic, the Jammu and Kashmir administrative council on Friday approved a package aimed at reviving the economy and address the “concerns among the various stakeholders”.

The administration said it is also considering the interest subvention for the “currently operating establishments”.

An official statement said the administration “felt a need to consider similar hand holding measures for sectors/borrowers not covered under the Central Government package”.

Under the package, the administration has announced a waiver of stamp duty on fresh loans and a waiver of surcharge on fixed charge for power and extension of amnesty scheme/filing of GST returns. The amnesty scheme to clear backlog of sales tax/VAT arrears has been extended to October 31, and the filing of reimbursement claims (GST returns/claims) for January to March has been extended to October 15, and for the April to June quarter to November 15.

The administrative council has also asked the Finance Department to consult the Industries and Commerce Department to prepare a proposal for interest subvention for the business establishments. “(The) Industries Department was also directed to implement the policy of preference for local manufacturers in procurement through an appropriate mechanism,” the statement said.

The administrative council has also approved the rolling out of a new excise policy. With a focus on liquor and beverages, the department under the new policy has specified a set of fixed number of licenses/ licensed zones for ex-servicemen, differently-abled persons, SC/ST/OBC and people belonging to economically weaker sections.

“The policy envisages checking bootlegging of Bottled in Origin (BiO) brands from neighbouring states, besides providing choice of brands and a level playing field to those in the business,” the statement said. “Further, the License Fee structure has also been revisited in the Draft Policy. A fixed component of ‘Annual License Fee’ has also been introduced, whereas, the existing per bottle license fee has been revised on higher side as Additional License Fee”.

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