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Valley traders reject budget, call for shutdown on June 4 6/1/2016 11:29:54 PM Jehangir Rashid Early Times Report SRINAGAR, June 1: Giving vent to their anger against the 2016-17 state budget trade bodies of the Kashmiri today decided to down their shutters on June 4. The traders urged the businessmen to close the establishments in protest against the budget proposals in case it fails to roll back the taxes. Reports said that a joint meeting of Kashmir Chamber of Commerce & Industry (KCC&I), Kashmir Economic Alliance-Khan (KEA-K), Kashmir Traders & Manufacturers Federation (KTMF) and Federation Chamber of Industries Kashmir (FCIK) was held today to discuss the 2016-17 state budget. "The budget has been found to be more on rhetoric and less on content, more-so, in the background of the devastation caused by the 2014 floods which caused unprecedented damage to people at large in general and trade, commerce and Industry in particular. The Finance minister has shown mercilessness in so far as the following business activities and common interest is concerned," said the traders while taking part in the meeting. The traders voiced concern over the increase from 5 percent to 14.50 percent in Schedule D-1. They said the step is contrary to the demand for tax holiday for next five years. They said that since most of the products under the schedule like readymade garments, mobile phones and frozen food items etc. are consumer goods it will affect adversely both the business and the people in general. "Entertainment duty of Rs.50/- per connection on satellite and cable TV will directly affect the common man. No exemption of tax for Walnut wood carving products has been given to help promote the handicraft. Long demanded tax exemption has not been given on handicraft made-up products like bags, cushion covers etc," said the traders. The traders said that increase of 5 percent tax on ATF will impact already irrationally applied air fares to Jammu-Srinagar air routes and will in turn affect badly the local and tourist travel. They said that long pending demand for Artisan Credit Card scheme sought to be brought at par with the Kisan Credit Card scheme has been ignored in the budget which is causing liquidity crunch for the artisans who are otherwise contributing in big way to this export business of the state and foreign exchange earning of the country. "Nothing specific from the state has been provided to compensate/provide relief to the flood victims, business or common man leaving them to suffer indefinitely. Removal of negative list of items being manufactured by local industries has not been addressed. Waiver of interest /surcharge from power dues has not been taken in to consideration. Waiver of penalties in the matter of defaults in commercial tax too has not been given any consideration," said the traders. The business leaders who took part in the meeting include Mushtaq Ahmad Wani, President KCC&I, Mohammad Yasin Khan, Chairman, KEA-K and President, KTMF and Mohammad Ashraf Mir, President, FCIK.   Share This News with Your Friends on Social Network     Comment on this Story

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