| Joint delegation of KCCI, JCCI calls on FM, raises several issues | | |  Early Times Report
SRINAGAR, June 24: A joint delegation of the Kashmir Chamber of Commerce & Industry (KCCI) and Jammu Chamber of Commerce & Industry (JCCI) comprising of President, KCCI, Mushtaq Ahmad Wani, President, JCCI Rakesh Gupta and Secretary General, Faiz Ahmad Bakshi, called on Finance Minister today at Civil Secretariat and had detailed discussion regarding pending demands. The delegation expressed concern over SROs issued in the context of online filing of VAT returns and online payment of taxes. Among other issues raised included the rationalization of taxes, Amnesty, Interest subvention on out of Prime Minister's Flood Package, GST regime, negative behavior of Commercial Tax Department, roll back of increased VAT on consumables like packed milk, lassi, juices, frozen foods, service tax on advertising companies, toll tax after 5% excess allowed under the Motor Vehicle Act, mechanism to get rid of the under value system adopted at Lakhanpur, entertainment tax on 3D, 5D and gaming zones, one time composite tax on banquet halls, enhancement in limit for composite tax for small traders/dabhas, service tax on contract labour.
The Finance Minister agreed in principle to maintain the existing rule of filing of online return and payment of tax above the turnover of Rs 50 lakhs. He also agreed that he will issue necessary SROs in coming days about role back of taxes on consumables and other issues discussed in the meeting. The Minister agreed to issue SRO for charging 14.5% instead of 13.5% with effect from July 1.
He assured that interest subventions for flood affected traders will definitely be released before Eid. The Finance Minister assured that he will resolve the long standing matter of 7% interest subsidy under Prime Ministers Rehabilitation Scheme of 2004 which has not been paid to the borrower hotel Industry since 2008 though the same had been received from the Central Government but diverted by the Department of Tourism. |
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