Srinagar: The Kashmir Chamber of Commerce and Industry (KCC&I) held a meeting on Thursday, with Dr Reshmi Singh, Commissioner Taxes, along with her team, to discuss and help resolve various tax-related issues facing the local trade community.
The KCCI team , led by Senior Vice President Ashaq Shangloo , included Altaf Tramboo, Muzaffar Majid Jan and Dr Tauseef Bhat , Executive Committee Members.
A constructive interaction between KCC&I team and the Commissioner Taxes was held for addressing the concerns of trade community which were positively responded as a way forward for better understanding and collaboration between KCCI and the Department in the larger interests of business and trading communities.
The issues discussed related to complex tax regulations, cumbersome procedures, and ambiguities in taxation policies.
The KCCI presented the model cases studies, on ground challenges faced by businesses in complying with existing tax laws which were noted by Dr Reshmi Singh and assured to resolve the issues within her domain.
The Commissioner Taxes and KCCI acknowledged the importance of a transparent and business-friendly tax environment for the growth of the trade community by simplifying tax procedures and ensuring transparency that will result in significant economic growth.
KCCI team also discussed the matter of unwarranted GST rate of 12 % on Shawls and other handicraft items.The Commissioner’s attention was drawn to approximately 80% of labour component involved in production of handicraft items and taxing the product with such a high labour component at 12% has not only resulted in reduced the production but rendered a large number of weavers/artisans jobless which needed to be seriously considered and exempted from GST.
The commissioner advised KCCI to make a case for submission through proper channels for submission and consideration by the GST council under whose jurisdiction the matter falls.
Both sides agreed on the importance of maintaining regular communication and collaboration
for resolution of issues, establishing a dedicated task force to analyse the identified issues,promote a healthy business ecosystem, organise workshops and promote a positive sentiment among trade, commerce and businesses.
The Commissioner appreciated KCCI for freely discussing the issues, its policy of engaging with the Government at all levels and assurance of remaining in regular touch with her Department.
The KCCI Senior Vice President thanked Dr Reshmi Singh and her team for their positive approach and willingness to resolve the issues of the trading community.
