Special Tax Procedures for Jammu and Kashmir Transition
Transition Period Defined:
Till December 31, 2019, specific rules apply.
Applicable to businesses in Jammu and Kashmir until October 30, 2019, and in Union territories afterward.
Tax Period Clarification:
October 2019: From 1st to 30th October.
November 2019: From 31st October to 30th November.
Tax Payment Requirement:
Regardless of invoice details after October 31, 2019, pay applicable tax in November's return.
Input Tax Credit Transfer:
Option to transfer ITC from old to new GSTIN.
Procedure includes informing tax officers and transferring based on turnover ratio.
State Tax Balance Transfer:
For businesses in Ladakh, state tax balance shifts to Union territory tax.
Inter-State Supply Exemption:
Inter-state supplies between Jammu and Kashmir and Ladakh exempt from specific provisions till transition ends.
Official Notification:
Issued by the Government of India's Ministry of Finance, facilitating the transition smoothly.