Govt amends J&K GST Rules 2017, introduces UPI, IMPS from any bank

SRINAGAR: The government has ordered amendment to Jammu and Kashmir Goods Service Tax Rules, 2017 while introducing Unified Payment Interface (UPI) from any bank and Immediate Payment Services (IMPS) from any bank
Jammu and Kashmir Goods Service Tax Rules were passed by the Jammu and Kashmir State Legislature and received the assent of the Governor on 7th July 2017.
The act was introduced to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the State of Jammu and Kashmir and the matters connected therewith or incidental thereto.
“S.0 .-ln exercise of the powers conferred by section 164 of the Jammu and Kashmir Goods and Services Tax Act, 2017 (Act No. V of 2017), the Government, on the recommendations of the Council, the Government hereby makes the following amendment shall be made the Jammu and Kashmir Goods and Service Tax Rules, 2017, namely”, read the notification issued by Vivek Bharadwaj, Financial Commissioner to Government, Additional Chief Secretary, Finance Department.
In rule 87, as per the notification, the government has inserted clauses which include Unified Payment Interface (UPI) from any bank and Immediate Payment Services (IMPS) from any bank. In sub-rule (5), after the words "Real Time Gross Settlement", the words "or Immediate Payment Service" have been inserted.
After sub-rule (13), the followng sub-rule shall be inserted, “A registered person may, on the common portal, transfer any amount of tax, interest, penalty, fee or any other amount available in the electronic cash ledger under the Act to the electronic cash ledger for central tax or integrated tax of a distinct person as specified in sub-section or, as the case may be sub-section (5) of section 25.
Provided that no such transfer shall be allowed if the said registered person has any unpaid liability in his electronic liability register.
With the manner of calculating interest on delayed payment of tax, the notification reads, “In case, where the supplies made during a tax period arc declared by the registered person in the return for the said period and the said return is furnished after the due date in accordance with provisions of section 39, except where the such return is furnished after commencement of any proceedings under section 73 or section 74 in respect of the said period.
The interest on tax payable in respect of such supplies shall be calculated on the portion of' tax which is paid by debiting the electronic cash ledger, for the period of delay in filing the said return beyond the due date, at such rate as may be notified under sub-section (l) of section 50, it reads.
In all other cases, where interest is payable in accordance with sub-section (l) of section 50, the interest shall be calculated on the amount of tax which remains unpaid, for the period starting from the date on which such tax was due to be paid till the date such tax is paid, at such rate as may be notified under sub-section (l) of section 50.
In case, where interest is payable on the amount of input tax credit wrongly availed and utilized in accordance with sub-section (3) of section 50, the interest shall be calculated on the amount of input tax credit wrongly availed and utilized, for the period starting from the date of the utilization of such wrongly availed input tax credit till the date of reversal of such credit or payment of tax in respect of such amount, at such rate as may be notified under said sub-section (3) of section 50.
Updated On 9/21/2022 12:13:03 PM