Industry body appeals J-K admin to put property tax on hold
The Kashmir Chamber of Commerce and Industry (KCCI) on Saturday appealed the Union Territory management to place the imposition of assets tax on maintain because the monetary state of affairs “isn’t conducive to burden human beings”.
The KCCI held a assembly of its Executive Committee to talk about the authorities`s selection to impose assets tax in J-K. “KCCI is of the opinion that imposition of assets tax withinside the union territory isn’t recommended due to the sentiment of trade, trade and enterprise is low. The human beings aren’t in a function to endure the weight of paying the assets tax at this stage,” KCCI Secretary General, Faiz Ahmad Bakshi, stated in a declaration here.
He stated the KCCI believes J-K has gone through a protracted spell of a disturbed duration throughout which era the organizations and residents ate into their property and lifelong savings.
“And it’s miles now that a few sectors that have extremely suffered over the past many many years have proven a few symptoms and symptoms of revival.The assets tax changed into levied in beyond as properly however needed to be withdrawn for apparent reasons,” he stated. KCCI is of the opinion that proper now the monetary state of affairs isn’t conducive to burden human beings with extra taxes, the declaration stated.
“Once the monetary state of affairs stabilizes, the authorities can also additionally recall levying of assets tax at that factor of time after session with the stakeholders.Moreover, J-K being landlocked tier 3 kingdom can not justifiably be as compared with Delhi, Chandigarh or different UT or states, the KCCI appeals the management to place the notified assets tax on maintain,” Bakshi stated.
