SRINAGAR: The Kashmir Chamber of Commerce and Industry (KCCI) on Tuesday expressed concern over the “non-settlement of taxation and other budgetary issues” by the concerned departments “causing complications for the business community”.
“Although all issues are equally important for us, the Kashmir Chamber of Commerce and Industry would like to pick the issues which indicate the problems faced by our business community,” an official statement read.
According to the statement, the issues include Input Tax Credit for post-2014 flood period, problems in implementation of amnesty scheme for settlement of unresolved issues of the previous VAT regime,
The chamber, as per the statement, had taken up the issue of reversal of Input Tax Credit of dealers for the damage in the September, 2014 floods with the then minister for finance in December, 2017. “The minister issued instructions to the Commercial Taxes Department (CTD) to jointly explore the options available with the KCCI to arrive at an acceptable resolution of this problem,” the statement read.
The response to the scheme was not as expected and the chamber learned that although a majority of the dealers desired settling their accounts, they were not in a position to do so because of the poor financial condition.
The subsequent change of the government resulted in only grant of extensions without redressal of the basic issue. Now through the latest order, the government has announced a final extension which the KCCI considers “unfair”.
Thus the dealers who initially were not in a position to deposit even one installment would now be required to pay two back to back installments, that too in the leanest period of the business year, the statement read.
“If not addressed, this would in effect, make the whole exercise one of futility, create huge default, invite litigation and would also deprive the honest dealers of an opportunity to settle and down the shutters for a number of business establishments,” the statement added.