In exercise of the powers conferred by section 25-D of the Jammu and Kashmir General Sales Tax Act, 1962, the Government hereby direct that clause 1, sub-clause (i) of clause-2 & clause 4 to notification SRO-360 dated 13-11-2016 shall be deemed to have been substituted by the following, namely:-

"1. there shall be remission of 100% of the penalty and the interest on arrears of the tax in respect of all the dealers registered under the provisions of Jammu and Kashmir General Sales Tax Act, 1962, who pay the arrears of sales tax, assessed/re-assessed up to the accounting year 2015-2016, in six equal installments, as detailed below:-

I. 1st installment to be paid before 1st January, 2017.

II. 2nd installment to be paid before 20th of January, 2017.

III. 3rd installment to be paid before 9th of February, 2017.

IV. 4th installment to be paid before 2nd of March, 2017.

V. 5th installment to be paid before 22nd of April, 2017.

VI. 6th installment to be paid before 13th May, 2017.

2(i). who have paid their admitted/assessed tax for all the accounting years up to 2015-2016, in part or in full and deposit the balance payable amount of tax in six equal installments, with the first installment to be deposited before 1st of January, 2017."

4. default in payment of first installment shall entail outright disqualification from the scheme. However, default in payment of any subsequent instalment shall make the dealer liable for disqualification only if he is not able to furnish proof of the payment of the missed installment along with penalty equivalent to 5% of the unpaid installment amount with the next installment which shall become due. In case of any further default, the dealer shall be liable to pay the entire amount of arrears along with the interest and penalty. All the installments shall have to be deposited within six months from coming into force of the notification."

By Order of the Government of Jammu and Kashmir.

Sd/-

(Navin K. Choudhary), IAS

Commissioner/Secretary to Government

Finance Department.