Budget is encouraging, provided all promises are implemented: KCCI

Srinagar: The Kashmir Chamber of Commerce and Industry, apart from implementation of the Goods and Services Tax (GST), has appreciated the Budget presented by the Finance Minister Haseeb Drabu in the Assembly on Thursday.

“The budget announcement made by the Finance Minister is encouraging to a large extent in certain sectors provided implementation is done for all the promises made,” read a KCCI statement.

The Chamber has appreciated the decision of professionalizing the PSUs with the removal of all politicians and bureaucrats from their boards to make them autonomous and independent of government control.

In regard to the expectation of the MSME Sector for the CGST and SGST for refund as previously enjoyed by them and restricting it to only value added part is not acceptable to the industry.

KCCI has welcomed the inclusion of tourism industry (hotel, resorts etc.) in regard to power tariff at par with industry which was a long pending demand of the Chamber.

In regard to subsidizing 1/3rd interest post floods contrary to the demand for refund of full interest, KCCI has demanded other 2/3rd be acquired from the GoI

“It needs to be followed up vigorously or all these will become NPAs,” read the statement.

The Chamber has appreciated the power amnesty to all sectors of industry. The setting up of a Dry Port with the DPA of Dubai has also been welcomed.

“We also appreciate the education loan interest intervention,” said the KCCI statement.

The intervention proposed by THE Finance Minister in respect to the silk industry, bat industry, walnut, national saffron mission, apple industry, CA store, packaging of apple has also been touted as a welcome step by the Biz community.

“This will need further improvement in consultation with KCC&I which being the main stakeholder of the trade, commerce and industry,” the statement said.

The decision of creating carpet villages has also been hailed by the KCCI however, they said that the same should be done for Shawls and other handicrafts too.

“We also appreciate the inclusion of handicraft units under MSME for all industrial incentives which was our long pending demand besides marketing support for carpets,” said the statement.

The statement added, “We appreciate the fillip given to the trout fishing industry of Kashmir by subsidizing the air freight.”

Finance Minister’s focus on renewable energy has also been taken well by the Chamber.

“But unfortunately no venture capital fund has been provided for helping the local entrepreneur which was our demand,” they said.

The statement, “We thank and appreciate The Finance Minister for taking steps in making the JKSPDC a public limited company.”

The only sector where the business community has expressed dissatisfaction is the imposition of taxes.

“The Finance Minister has chosen to take advantage of Sec. 5 of the J&K Constitution to impose further taxes on us in different sectors like petroleum, real estate etc. Why in the first place the same sec. was not taken advantage of by having our own GST Law,” the statement asked.

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