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Finance department on Thursday ordered modification in SRO-GST-12 notification, dated July 8, 2017.

As per a notification issued from the office of principal secretary finance department Navin K Choudhary, “In exercise of the powers conferred by sub-section (3) of section 11 of the Jammu and Kashmir Goods and Services Tax Act, 2017, the state government, on the recommendations of the council, and on being satisfied that it is necessary so to do for the purpose of clarifying the scope and applicability of the notification SRO-GST-12 dated July 8, 2017 hereby inserts the explanation in the notification.”

The explanation has been given on serial number 41, in column 3 of the table (one time upfront amount, called as premium, salami, cost, price, development charges or by any other name, leviable in respect of the service, by way of granting long term (thirty years, or more) lease of industrial plots, provided by the state government Industrial Development Corporations or undertakings to industrial units).

“For the purpose of the exemption, the central government, state government or union territory shall have 50 percent, or more ownership in the entity directly or through an entity which is wholly owned by the central government, state government or union territory," the notification further read.

The notification shall come into force from September 20, 2018.

Source : Greaterkashmir

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