Srinagar, Feb 25: Kashmir Chamber of Commerce and Industry (KCCI) has urged the Jammu and Kashmir government to put notified property tax on hold.
In a statement, a KCCI spokesperson said that KCCI held the meeting of the Executive Committee to discuss the government's decision to impose property tax in Jammu and Kashmir.
"KCCI thinks that the imposition of property tax in the union territory is not advisable because the sentiment of trade, commerce and industry is low. The people are not in a position to bear the burden of paying the property tax at this stage.
The KCCI believes that Jammu and Kashmir have undergone a long spell of the disturbed period during which time the businesses and citizens ate into their assets and lifetime savings. And it is now that some sectors which have hugely suffered during the last many decades have shown some signs of revival. It is worthwhile to mention that property Tax was levied in past as well but had to be withdrawn for obvious reasons," reads the statement.
"KCCI draws the attention of authorities on the global sentiment of revival without further burdening them with taxes post-Covid scenario. KCCI thinks that right now the economic scenario is not conducive to burdening people with more taxes. Once the economic scenario stabilises the government may consider levying property tax at that point of time after consultation with the stakeholders. More the Union Territory of Jammu and Kashmir being a landlocked tier-3 region cannot justifiably be compared with Delhi, Chandigarh or other UT or states," the statement reads.
