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Amendments in VAT rules by Government

December, 04th 2010
The government today brought amendments in the Jammu and Kashmir Value Added Tax Rules, 2005 in exercise of the powers conferred under section 85 of VAT. According to a notification issued by Finance department, in rule 16 for the words five years, wherever occurring, the words six years shall be substituted. In proviso to sub rule (2) of rule 28, for the words three months the words six months shall be substituted. In sub- rule (2) of rule 55 for the letter and figure Rs 10,000 the letter and figure Rs 50,000 shall be substituted.