The Kashmir Chamber of Commerce & Industry (Inc) held a meeting of its Executive Committee to discuss JK Government’s decision to impose property tax in Jammu Kashmir.
In a statement, KCCI said that it was of the opinion that the imposition of property tax in the union territory was not advisable because the [prevailing] 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 Kashmir has undergone a long spell of a disturbed period during which time the businesses and citizens ate into their assets and lifetime savings. And 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“It is worthwhile to mention that property Tax was levied in past as well but had to be withdrawn for obvious reasons”, KCCI further said.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 burden people with more taxes”, it further said.
“Once the economic scenario stabilizes the Government may consider levying of property tax at that point of time after consultation with the stakeholders. More over the Union Territory of Jammu & Kashmir being land locked tier 3 Sate cannot justifiably be compared with the Delhi, Chandigarh or other UT or States, The KCCI appeals the administration to put the notified property tax on hold”, the statement added.