Srinagar: Divisional Commissioner Kashmir, Vijay Kumar Bidhuri and Commissioner Srinagar Municipal Corporation (SMC), Athar Aamir Khan along with senior officials from Srinagar Municipal Corporation Saturday held a detailed meeting and discussion with the representatives of various trade federations to discuss the proposed property tax within Srinagar municipal limits.
An official spokesman in a statement issued here said that the meeting was attended by Kashmir Chamber of Commerce and Industry (KCCI), Kashmir Hoteliers Association, PHD Chamber of Commerce and Industries, KCIF, KTMF, CCIK, Kashmir Economic Alliance, and many other trade federations and civil society bodies.
During the meeting, Bidhuri and Khan gave a detailed presentation to all stakeholders about the property tax.
The process and method of property tax calculation was discussed with the members present.
It was impressed that the property tax adopted by J&K was a progressive model.
They said that the tax to be collected would go into the account of the local bodies only and would be used for the development of the respective city only.
“The tax rates are among the lowest in the country,” they said.
The members present calculated the model test cases of commercial as well as residential properties.
“The tax is to be paid annually not monthly and residential properties up to 1000 sq ft have been exempted from the tax so are the agricultural land as well the religious places. The tax slabs have been kept in a very progressive manner so that the distributive Justice is taken care of,” they said.
The members present gave their valuable feedback and sought clarifications on a number of issues related to the collection.
The officials present replied to the queries raised.
Meanwhile, the property tax would be effective from April 1, 2023.