Traders demand tax holiday, interest waiver

Tribune News Service

Srinagar, August 31

After the formation of a committee by the government to work out the modalities for the economic revival of Jammu and Kashmir, several trade bodies have submitted their proposals and made a series of demands to the former in this regard.

Huge losses

Our problems are not confined to the Covid lockdown. We suffered huge losses last year when Article 370 was abrogated and on occasions like 2014 floods. – Aijaz Shahdhar, KTA Chairman

The demands range from seeking a tax holiday to financial support for the business community hit by two successive lockdowns since August 5 last year.

“Our problems are not confined to the Covid lockdown. We suffered huge losses last year when Article 370 was abrogated and on occasions like 2014 floods. We have already submitted our proposals where we sought tax holiday, interest waiver, amnesty of water and electricity charges during the lockdown period. We also sought fresh loans on low interest so that we can revive businesses,” said Kashmir Trade Alliance (KTA) chairman Aijaz Shahdhar.

The committee to work out the modalities for economic revival had been framed after representatives of the Kashmir Chamber of Commerce and Industry (KCCI) met Lieutenant Governor Manoj Sinha on August 18.

On Sunday, the PHD Chamber of Commerce and Industries too had submitted its memorandum and demanded waiver of interest on loans and increase in moratorium period, reimbursement of the GST to hotels, besides other demands.

Hoteliers’ associations have already demanded industrial sector benefits. Other tourism sector stakeholder, Houseboat Owners Association, had raised the issue of financial support, waiver of electricity charges and rehabilitation of houseboat owners.