KCCI appeals J&K Admin to postpone Property Tax until economic recovery

Srinagar, March 10: The Kashmir Chamber of Commerce & Industry (KCCI) has appealed the J&K Administration to re-consider timing of imposing the Property Tax.

A statement issued to the media in thia regard today said, “KCCI has been discussing to analyse the implications and impediments caused to the people due to imposition of property tax on the basis of feedback received from Trade, Commerce & Industry”.

“In its several Executive Committee  Meetings, the latest of which has been held today the 10^th of March 2023, the EC, having considered the issue, has arrived at a conclusion 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 like the proposed Property Tax for the time being”, the statement added.

“It needs to be appreciated that besides geographical hurdles, the erstwhile state of J&K has been facing odds and  uncertainties for decades, that has lead to its poor economic growth as  has also often been  recently stated publically  by the  Hon’ble Lieutenant Governor of the UT”, KCCI observed.

“Again the economy of erstwhile state has been on 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 such 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  imposition of taxes”, it added.

“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 Needless to mention here  that a tax on property was tried to be  imposed  in the past also but had had to be withdrawn for obvious reasons.”

“Now, therefore, KCC&I would urge and appeal the Hon’ble  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”, the statement further said.