Jammu and Kashmir
June 1: Various trade bodies today urged the business establishments to down their shutters on Saturday, June 4 to protest against the budget proposals in case government failed to roll back the taxes.
A Joint meeting of The Kashmir Chamber of Commerce & Industry (KCC&I), Kashmir Economic Alliance(KEA), Kashmir Traders & Manufacturers Federation(KTMF), Federation Chamber of Industries Kashmir (FCIK) was held today to discuss the 2016-17 State budget presented by the Finance Minister.
The budget has been found to be more on rhetoric and less on content, more-so, in the background of the devastation caused by the 2014 floods which caused unprecedented damage to people at large in general and trade, commerce and Industry in particular. The Finance minister has shown mercilessness in so far as the following business activities and common interest is concerned:
1. Increase from 5% to 14 ½ % in Schedule D–I as against the demand for tax holiday for next 5 years. Since most of the products under the schedule like ready made garments, mobile phones, frozen food items etc. are consumer goods it will affect adversely both the business and the people in general.
10.Waiver of penalties in the matter of defaults in commercial tax too has not been given any consideration.
The trade bodies decided and urged the business establishments to down their shutters on Saturday the 4th of June 2016 and close the establishments in protest against the budget proposals in case it fails to roll back the taxes as pointed above and address the concerns.
Mushtaq Ahmad Wani, President, The Kashmir Chamber of Commerce & Industry (KCC&I), Chairman, Kashmir Economic Alliance (KEA), Mohammad Yasin Khan, President, Kashmir Traders & Manufacturers Federation (KTMF), Mohammad Ashraf Mir, President, Federation Chamber of Industries Kashmir (FCIK).
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