Srinagar 25 Feb: The Divisional Commissioner Vijay Kumar Bidhuri and Commissioner SMC, Athar Aamir Khan along with senior officials from Srinagar Municipal Corporation today held a detailed meeting and discussion with the representatives of various trade federations to discuss the proposed property tax within Srinagar Municipal limits.
The meeting was attended by Kashmir Chamber of Commerce, Kashmir Hoteliers Association, PHD Chamber of Commerce and industries, KCIF, KTMF, CCIK, Kashmir Economic Alliance and many other trade federations and other civil society bodies.
During the meeting, Mr. Bidhuri and Mr. Athar gave 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 is a progressive model. The tax to be collected will go into the account of the local bodies only. It will be used for the development of the respective city only. The Tax rates are among the lowest in the country. The members present calculated the model test cases of commercial as well as residential properties. The tax is to paid annually not monthly. Residential properties upto 1000 sqft 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. The member present gave their valuable feedback and sought clarifications on a number issues related to the collection. The officials present replied to the queries that were raised.
The property tax will be effective from 1st April 2023.
