CBIC amends the Notification regarding transition plan for the Union Territories Jammu & Kashmir and Ladakh

Jan 02, 2020 | by Avantis RegTech Legal Research Team


Finance & Taxation Compliance

The Central Board of Indirect Taxes and Customs (CBIC) on January 01, 2020, amends the Notification No. 62/2019–Central Tax, dated November 26, 2019, related to transition plan for the Union Territories Jammu & Kashmir and Ladakh.

Ø  CBIC amends paragraph 2(iii) namely:

persons whose principal place of business or place of business lies in the erstwhile State of Jammu and Kashmir till October 30, 2019; and lies in the Union territory of Jammu and Kashmir or in the Union territory of Ladakh from October 31, 2019 onwards:

have an option to transfer the input tax credit (ITC) from the registered Goods and Services Tax Identification Number (GSTIN), till December 31, 2019 in the State of Jammu and Kashmir, to the new GSTIN in the Union territory of Jammu and Kashmir or in the Union territory of Ladakh from January 01, 2020 by following certain procedure.

Ø  Paragraph 3 has been amended, namely:

The balance of State taxes in electronic credit ledger of the said class of persons, whose principal place of business lies in the Union territory of Ladakh from January 01, 2020, shall be transferred as balance of Union territory tax in the electronic credit ledger.

[Notification No. 03/2020 – Central Tax] 


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