The following Act as passed by the Jammu and Kashmir State Legislature received the assent of the Governor on 8th September, 2007 and is hereby published for general information.

THE JAMMU AND KASHMIR TAXATION LAWS (AMENDMENT) ACT, 2007.

Dated : 8th September, 2007.

An Act to amend the Jammu and Kashmir Value Added Tax Act, 2005, the Jammu and Kashmir General Sales Tax Act, 1962 and the Jammu and Kashmir Entry Tax on Goods Act, 2000.

Be it enacted by the Jammu and Kashmir State Legislature in the Fifty-eight Year of the Republic of India as follows :-

CHAPTER - I

Preliminary

1. Short title and commencement ,-(1) This Act may be called the Jammu and Kashmir Taxation Lawa (Amendmend) Act, 2007.

(2) It shall come into force from the date of its publication in the Government Gazette.

CHAPTER - II

Amendments to the Jammu and Kashmir Value Added Tax Act, 2005

2. Amendment to section 56, Act III of 2005. - In section 56 of the Jammu and Kashmir Value Added Tax Act, 2005 (hereinafter in this Chapter referred to as 'the principal Act'), sub-section (3) shall be omitted.

3. Amendment to section 67, Act III of 2005. - In section 67 of the principal Act, after sub-section (5), the following Explanation shall be added, namely :-

"Explanation :- Where the goods as per the accompanying documents are undervalued, the penalty under this sub-section shall be calculated on the differential amount of tax that would have been evaded."

CHAPTER - III

Amendments to the Jammu and Kashmir (General) Sales Tax Act. 1962.

4. Amendment to section 7, Act XX of 1962. - In section 7 of the Jammu and Kashmir General Sales Tax Act, 1962, after sub-section (18), the following sub-section shall be added, namely :-

"(19)Notwithstanding anything to the contrary contained in this section, the Government may prescribe a scheme of deemed assessment, subject to such restrictions and conditions as it may impose, in respect of dealers whose assessment, are pending for any period upto 31st March, 2005."

CHAPTER - IV

Amendments to the Jammu and Kashmir Entry Tax on Goods Act, 2000.

5. Amendment of section 2, Act IV of 2000.- In section 2 of the Jammy and Kashmir Entry Tax on Goods Act, 2000 (hereinafter in this Chapter referred to as 'the principal Act')--

(a) clause (g) shall be omitted; and

(b) for clause (h), the following clause shall be substituted, namely :-

"(h) 'Scheduled Goods' mean the goods as specified under the provisions of the Jammu and Kashmir General Sales Tax Act, 1962 or the Jammu and Kashmir Value Added Tax Act, 2005 and include Motor Spirit and Diesel Oil (Taxation of Sales) Act, Samvat 2005, as the check post by such authority and is such manner as may be prescribed :

Provided that not entry tax shall be collected and levied on the Scheduled goods :-

(i) the value of which does not exceed rupees five thousand; or

(ii) which are imported by any person in consequence of transfer of residence into the State; or

(iii) where, through documentary evidence, it is established that,-

(a) the goods are imported into the State in connection with tourism or pilgrimage; or

(b) the goods imported are the same which had moved outside the State in connection with repairs/maintenance."

6. Omission of section 7, Act IV of 2000,- Section 7 of the principal Act shall be omitted.

7. Deletion of Schedules appended to Act IV of 2000,- The Schedules appended to the principal Act shall be deleted.