Govt comes out with measures to rehabilitate flood hit trade

Excelsior Correspondent

JAMMU, Oct 5: The Government has come out with a series of measure to rehabilitate trade and economic activities on fast track basis in the State, which was hit hard after massive floods about a month back. The decisions has been announced on recommendations of State Economic Reconstruction Forum (SERF), which has submitted a detailed memorandum to Chief Minister Omar Abdullah and discussed with him suggestions for speedy rehabilitation of various economic activities in the State.
Official sources said the Government has directed that the registered dealers, whose business record and sales accounts have been destroyed due to last month’s floods, shall not be required to file quarterly returns for second quarter, which ended on September 30 within the period prescribed under the Rules.
Instead, they said, the quarterly returns for the second quarters can be filed by the dealers along with the returns for third quarter of current financial year.
“The stocks destroyed due to floods shall be deducted from the assessment of sales on the basis of declarations to be made by the concerned registered dealers,’’ sources said, adding that the stocks transported into the State but lying with the transport companies and destroyed due to floods shall be taken cognizance in a similar manner at the time of assessment.
Sources said for the purpose of taking cognizance of losses of stocks and record due to the floods, production of a copy of FIR shall not be insisted upon by any assessing officer.
“The Commercial Tax Department shall take cognizance of the information provided by the Revenue Department or their prescribed authorities for this purpose,’’ they added.
“The requirement of filing audited accounts for the year ended on March 31, 2014 by such flood affected dealers, who were required to file audited accounts, shall be deferred up to March 31, 2015. At the same time, the feasibility of making suitable amendment in the statute to totally dispense with the requirement for the year 2013-14 in respect of the flood affected dealers shall be separately examined on priority basis,’’ sources said.
Pointing out that relief material has already been exempted from the levy of toll, sources said any registered dealer required to bring in furniture, fixtures, gadgets or equipment necessary for replacing his assets lost due to the floods in order to restart his business shall be exempt for making payment of Entry Tax and Toll on such requirement for a period of one month i.e. up to December 31, 2014.
“No toll shall be charged on the movement of damaged fabric through Lakhanpur check post when such fabric is returned or sent out for disposal of reprocessing. This facility will be available up to December 31, 2014,’’ they said.
Sources said Chief Minister Omar Abdullah had given nod to the decisions approved by the SERF and the Finance Department in a meeting to help the traders come out of the trouble as they had been hit hard by the floods.

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