Union Budget 2018-19: Kashmir Inc hopes for J&K specific announcements, packages

As Finance Minister ArunJaitley is all set to present the Union Budget 2018-19 in the Parliament on Thursday, Kashmir-based trade bodies are expecting special announcement and packages for tourism and industry for the state.

The local industrialists are also seeking speeding up of the work on the long-pending central projects.

   

However, the expectation from the common people is that the slab of income tax should be increased to Rs 4 lakh and a special package for raising state’s infrastructure be announced.  

President, Kashmir Chamber of Commerce and Industry, Javed Ahmad Tenga said the finance minister should announce a special package for trade and industry in Kashmir who suffered huge losses due to 2014 floods and 2016 unrest.

“Implementation of GST and an end to IST refund from the Centre also added to woes of traders and industry. Now we seek special trade, industry and tourism packages, which can provide a boost to overall economy of the state,” he said. 

“We also demand that work needs to speed up on the pending projects, including AIIMS, Central University, IIM and Metro rail in Srinagar,” Tenga added.

Chairman, PHD Chamber of Commerce and Industry (Kashmir Chapter) Mushtaq Chaya said a series of measures should be announced in the budget for providing a boost to business in the Valley.

“Trade and tourism in Kashmir is in desperate need of a stimulus. We are hopeful that maximum sops will be announced on Thursday. There should be relaxation in the GST rules for J&K so that the business, which has suffered a lot in the past witnesses a growth,” Chaya said.

Chaya said tourism sector which has been provided industrial status must be provided major concessions. “Less inflow of tourists to Kashmir in last few years has hit tourism stakeholders including hoteliers.  We want a tax holiday and same benefits as are given to new industries,” said Chaya.

Chairman, Kashmir Economic Alliance, Muhammad Yaseen Khan said he does not have any major expectation from the budget but demanded return an announcement regarding return of the power projects. “How can I expect something when the Government of India has snatched the fiscal autonomy of the state by implementing GST here. I hope they realize this and atleast our power projects are returned back,” said Khan who also heads the Kashmir Traders and Manufacturers Federation.    

MukhtairYousuf, president, Federation Chambers of Industries Kashmir said the primary demand is the continuation of pre-GST incentives for the industries. Yousuf said extension of central tax refund to all local industries must be announced in the Budget.

“The 52 percent CGST refund provided by the central government recently to handful of industry must be extended to all the stakeholders so that there is an end to disparity,” Yousuf said.

Kashmir Economic Forum chairman, ShowkatChowdhary, said they were expecting lowering of interest rates on business loans among other benefits.

“There should be lowering of interest rates on business loans and increase in income tax slabs. We are also expecting concrete steps so that we see overall growth,” he said.

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