Jammu & Kashmir

Kashmir economy not conducive to burden people with property tax, says KCCI

A frame of KCCI's new body constituted after long-awaited elections. The executive committee declared Javaid Tenga as President, Ashaq Shangloo as Sr. Vice President on February 22, 2023.

Srinagar: The Kashmir Chamber of Commerce and Industry on Saturday held a meeting to discuss the administration’s decision to impose property tax in Jammu and Kashmir.

KCC&I is of the opinion that the imposition of property tax in the union territory is not advisable because the sentiment of Trade, Commerce, and Industry is low. The people are not in a position to bear the burden of paying the property tax at this stage.

The KCC&I believes that Jammu and Kashmir has undergone a long spell of the disturbed period during which time the businesses and citizens ate into their assets and lifetime savings, the spokesperson said in a statement.

It is now that some sectors which have hugely suffered during last many decades have shown some signs of revival. It is worthwhile to mention that property Tax was levied in past as well but had to be withdrawn for obvious reasons, it said.

KCC&I draws the attention of authorities on the global sentiment of revival without further burdening them with taxes post Covid scenario. KCC&I is of the opinion that right now the economic scenario is not conducive to burdening people with more taxes. Once the economic scenario stabilizes the administration may consider levying property tax at that point of time after consultation with the stakeholders.

Moreover, the JK being a landlocked tier 3 Sate cannot justifiably be compared with Delhi, Chandigarh, or other UT or State’s, The KCCI appeals to the administration to put the notified property tax on hold, the statement added.

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