TaxTMI 
TaxTMI 
Jammu and Kashmir Reimbursement of State Taxes for encouraging large investments for industrial development in the State of Jammu and Kashmir.
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....turing units. 1. Short title and commencement.-The scheme shall be called as Jammu and Kashmir Reimbursement of State Taxes for encouraging large investments for industrial development in the State of Jammu and Kashmir. Objective.-The State Government in order to encourage large investments as per policy targets set under Industrial Policy, 2016 has decided that it would provide budgetary support to the eligible units by way of part reimbursement of the State Goods and Services Tax, paid by the Industrial unit after adjustment of Input Tax Credit on supply of finished goods manufactured by it. The scheme shall be applicable to only such existing units undergoing substantial expansion or to such new units being set up on or after 01-02-2019. 2. Definitions. 2.1 'Eligible unit' means- (a) a unit having GST registration for the premises as a place of business, where manufacturing activity is already being carried out by the Industrial Unit and the same is undergoing substantial expansion involving additional investment of rupees fifty crores or above in plant and machinery certified by Industries and Commerce Department. Or (b) a newly established industrial unit ....
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....bsp; = Rs. (120000.00-75000.00) =Rs. 45000.00 to substantial expansion of the unit %age of increase in turnover = 37.5% SGST deposited = Rs. 3600.00 Reimbursement claim = 37.5% of Rs. 3600.00 = Rs. 1350.00 Or (ii) an amount of State Tax paid through debit in the cash ledger account maintained by the newly established unit [as per para 2.1 (b)] in terms of sub-section (l) of section 49, the Jammu and Kashmir Goods and Services Tax Act, 2017 after utilization of the Input Tax Credit of the State Tax and Integrated Tax. 3.2 Where inputs are procured exclusively from a registered person operating under the Composition Scheme under section 10 of the Jammu and Kashmir Goods and Services Tax Act, 2017 or from any unregistered persons, the benefit of the reimbursement will not be extended to the industrial units. However, if the purchases are made partly from registered, unregistered or composition....
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.... (c) An Affidavit-cum-Indemnity bond, as per Annexure-B, to be submitted on one time basis, binding itself to pay the amount repayable, if any. (d) A certificate from the Department of Industries and Commerce mentioning therein that the unit has achieved 100 per cent production capacity prior to substantial expansion (in case of industrial units undergoing substantial expansion by investing rupees fifty crores or more) and shall be only applicable to turnover over and above the turnover achieved on utilization of 100% of existing set up. Any other document evidencing the details required in clause (a) to (d) may be accepted with the approval of the Jurisdictional Additional Commissioner (Administration and Enforcement). A new industrial unit investing fifty crores or more in plant and machinery shall be required to fulfil the following conditions :- (i) It shall not be formed/established by splitting up, or reconstruction of a business already in existence. (ii) It shall not be formed/established by transfer to the new unit of plant or machinery previously used for any other purpose. (iii) It shall not be relocated from elsewhere and/or....
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.... Explanation :-Industrial Units having Annual Turnover of more than Rs. 1.5 crores shall mandatorily submit Annexure "C" duly certified by a Chartered Accountant. 3.7 Under GST, one business entity having multiple business premises would generally have one registration in the State, in such situations where inputs are received from another business premises (of supplying unit) of the same registrant (GSTIN), the details of Input Tax Credit of State Tax availed by the supplying unit for supplies to the eligible unit shall also be submitted along with the claim form as prescribed in Annexure "C" or any other format as may be notified by Commissioner. Explanation :-Industrial Units having Annual Turnover of more than Rs. 1.5 crores shall mandatorily submit Annexure "C" duly certified by a Chartered Accountant. 3.8 The Industrial Units eligible for reimbursement of taxes shall have to stamp the supply invoices conspicuously with the words, "FOR SUPPLY/CONSUMPTION IN THE STATE OF JAMMU AND KASHMIR ONLY". 3.9 The Scheme shall be available to only those Industrial Units who provide employment to permanent residents of the State of Jammu and Kashmir as per guidelines of Indus....
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....bursement of GST to the eligible prestigious industrial units by the end of the month in which application is received and a copy of the same shall be forwarded to Commissioner State Taxes for consolidation and submission to Government. 5.4 The concerned nodal officer shall credit the GST amount in the declared bank accounts of the Industrial Units referred to in the information forwarded by respective Additional Commissioners within seven days of receipt of consolidated information from the concerned Additional Commissioner. 5.5 The nodal officer shall intimate the Commissioner State Taxes the amount disbursed to the beneficiary industrial units. 6. Repayment by claimant/recovery and dispute resolution. 6.1 The reimbursement allowed is subject to the conditions specified under the scheme and in case of contravention of any provision of the scheme/notification, the reimbursement shall be deemed to have never been allowed and any inadmissible reimbursement including the budgetary support paid for the past period under this scheme shall be recovered along with an interest @16% per annum thereon. In case of recovery or voluntary adjustment of excess payment, repaymen....