‘Extend amnesty for settling VAT issues’

Tribune News Service

Srinagar, February 11

The Kashmir chapter of the PHD Chamber of Commerce and Industry (PHDCCI) has demanded extension in amnesty for settling unresolved value added taxes (VAT) issues.

“A PHDCCI delegation apprised officials of various issues relating to the automobile industry, RBI rehabilitation package for borrowers, extension in amnesty for VAT and consideration of insurance claims for the losses caused by snowstorm,” a PHD statement said on Tuesday.

It said a delegation of the PHD Chamber of Commerce, led by its chairman Baldev Singh Raina, had met Dr Arun Kumar Mehta (IAS), Principal Secretary, Finance, on Monday.

The statement said the delegation welcomed the announcement of infusion of Rs 500 crore into J&K Bank.

“The PHD chairman extended gratitude to the government for infusion of Rs 500 crore into J&K Bank that will definitely provide impetus to stressed economy of J&K. It was brought to the notice of the Principal Secretary that there is urgent need for relaxation for registration of vehicles booked under the old tax regime so that the pending issue will be resolved on priority. Mehta was apprised that the levy of 9 per cent tax on vehicles has declined the sales of vehicles as most of the customers are purchasing vehicles outside the state and thereby creating loss to the exchequer and necessary measures may be taken to curb this revenue loss,” it said.