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JK govt introduces VAT Bill for relief to LoC traders

March, 18th 2013
Jammu and Kashmir government has introduced a bill to amend the Jammu and Kashmir Value Added Tax Act, 2005, to provide relief to traders of cross-LoC trade between two sides of Line of Control. Minister for Finance and Ladakh Affairs, Abdul Rahim Rather introduced a “Bill to amend the Jammu and Kashmir Value Added Tax Act, 2005 (L.A. Bill No. 2 of 2013)” in the House. The Bill aims to amend the Jammu and Kashmir Value Added Tax 2005 to provide relief to traders of Salamabad-Chakoti and Chakan-Da-Bagh along LoC on goods produced and manufactured within the state and sold across the LoC. It proposes amendment of Section -55, Act-III of 2005 by substituting the words “Line of Actual Control” by “Line of Control”.