Postpone imposition of property tax until J&K’s economic situation improves: KCCI to government

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Srinagar, Mar 10: Kashmir Chamber of Commerce and Industry (KCCI) has urged J&K Administration to reconsider the timing of the imposition of the Property Tax in Union Territory.

In a statement issued the apex chamber has stated that “KCCI would urge and appeal the Lieutenant Governor Administration that since the economic scenario of the UT is not conducive for overloading the people with taxes of any sort at this stage, the property tax notified to be imposed be shelved for now at least until the economy of the UT recovers fully.”

“It also needs mention here that the economic status of the UT can not be measured with the yardstick applied in its neighbouring states/UT like Delhi, Punjab and Haryana. In future when the economy stabilizes the imposition of property tax/ other taxes could be discussed by the administration with the stakeholders before the imposition of the same.”

“Having considered the issue the executive committee has concluded that the people in general and the trade community, in particular, are not in a position to bear any sort of burden of additional tax proposed Property Tax for the time being,” the statement reads.

“It needs to be appreciated that besides geographical hurdles the erstwhile state of J&K has been facing odds and uncertainties for decades that have to lead to its poor economic growth as has also often been recently stated publically by the Lieutenant Governor of the UT. Again the economy of the erstwhile state has been in a rumble over the past more than 30 years; first due to turmoil and of late for the effects of ravaging floods of 2014 and Covid and other situations soon thereafter.”

“Now, of course, the economy of UT is settling back on track to normalcy where it deserves material support to sustain rather than the imposition of taxes. Thus it is not well placed for the people to bear any additional burden which could add to the miseries and lead to their unrest. Needless to mention here Tax on the property was tried to be imposed in the past also but had to be withdrawn for obvious reasons.”

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