Quick Summary
In a significant move to enhance transparency, traceability and GST compliance, the Finance Department of Jammu and Kashmir has mandated that all government payments to contractors and suppliers be made strictly to bank accounts linked with their respective GSTINs. The directive, issued via an official circular, applies to all Government Departments, Public Sector Undertakings (PSUs), Autonomous Bodies and Agencies operating in the Union Territory (UT). The order emphasizes that this step is vi
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FAQ :
All government payments to contractors and suppliers must now be made to bank accounts linked with their Goods and Services Tax Identification Number (GSTIN).
The directive applies to all Government Departments, Public Sector Undertakings (PSUs), Autonomous Bodies, and Agencies operating in the Union Territory of Jammu & Kashmir.
The change is intended to enhance transparency, traceability, and GST compliance, thereby safeguarding government revenue and improving the monitoring of financial transactions.
Contractors and suppliers must disclose their GSTIN-linked bank account number at the time of bid submission as part of the e-tendering documents.
A TDS of 2% (1% CGST and 1% SGST) is applicable when the contract value exceeds Rs 2.5 lakh, as per Section 51 of the CGST Act and the J&K GST Act.
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