Srinagar, Jan 31: Ahead of the upcoming union budget, Kashmir Trade Alliance today said it is expecting that the Union government will announce a special financial package for Kashmir to revive its economy.
In a statement to Ziraat Times, Kashmir Trade Alliance (KTA) President Ajaz Shahdhar said they are hopeful that Union Finance Minister Nirmala Sitaraman would announce a series of measures so that the business sector of Kashmir gets a sigh of relief.
Shahdar reiterated that an amnesty scheme must be announced for old GST Act 1963 and VAT Act 2005 arrears and the GST council be enjoined to lessen the .0late fee of GSTR 3B returns from 2000 to Rs 500 per return.
He said due to the COVID-19 lockdown traders are incurring huge losses. ” Government should declare long term amnesty on bank loans. This will boost the morale of the business fraternity in these hard times.
KTA demanded a general amnesty for the traders for pending VAT (Value-Added Tax) liabilities.
KTA President said they were expecting a lowering of interest rates on business loans among other benefits.“There should be lowering of interest rates on business loans. Moreover, we are expecting concrete steps so that we see overall business growth,” he said.
