REACTION OF THE KASHMIR CHAMBER OF COMMERCE & INDUSTRY (INC) ON THE BUDGET SPEECH (2018-19) OF HON’BLE FINANCE MINISTER, J&K
Ø The budget announcement made by the Finance Minister is encouraging to a large extent in certain sectors provided implementation is done for all the promises made.
Ø While appreciating the focus in the initial part of the speech regarding the PSUs which are important for development by infusion of capital and professionalizing these PSUs with removal of all politicians and bureaucrats from their boards to make them autonomous and independent of government control. .
Ø In regard to the expectation of the MSME Sector for the CGST & SGST for refund as previously enjoyed by them and restricting it to only value added part is not acceptable to the industry.
Ø We appreciate inclusion of tourism industry (hotel, resorts etc.) in regard to power tariff at par with industry which was a long pending demand of the KCC&I.
Ø In regard to subsidizing 1/3rd Interest post flood contrary to our demand for refund of full interest, we demand other 2/3rd be got from the GOI to be followed up vigorously or all these will become NPAs.
Ø We appreciate the power amnesty to all sectors of industry.
Ø We appreciate the seriousness of Hon’ble Finance Minister in reviving the transport sector.
Ø We welcome the setting up of Dry port with DPA of Dubai to give logistic connection for J&K.
Ø We also appreciate the education loan interest intervention.
Ø We also welcome the intervention proposed by Finance Minister in respect of silk industry, bat industry, walnut, national saffron mission, apple industry, CA store, packaging of apple, which will need further improvement in consultation with KCC&I being main stakeholder of the trade, commerce and industry.
Ø We appreciate creation of carpet villages although it is lower than our demand of Handicraft villages as there are other handicraft like shawl, crewel, etc which have same potential.
Ø We also appreciate inclusion of handicraft units under MSME for all industrial incentives which was our long pending demand besides marketing support for carpets.
Ø We appreciate the fillip given to the trout fishing industry of Kashmir by subsidizing the air freight.
Ø We appreciate the Hon’ble Finance Minister focusing on renewable energy. But unfortunately no venture capital fund has been provided for helping local entrepreneur which was our demand
Ø We thank and appreciate The Finance Minister for taking steps in making the JKSPDC a public limited company.
Ø The Finance Minister has chosen to take advantage of Sec. 5 of the J&K Constitution to impose further taxes on us by imposing taxes today and in future in different sectors like petroleum, real estate etc. Why in the first place the same sec. was not taken advantage of by having our own GST Law?