Srinagar, July 20: The Kashmir Chamber of Commerce and Industry (KCC&I) on Thursday held a meeting with Commissioner Taxes Dr Reshmi Singh along with her team to “discuss and help resolve” various tax-related issues faced by the local trade community.
According to a statement issued by the KCC&I, the team was led by Senior Vice President Mr. Ashaq Shangloo included Altaf Tramboo, Muzaffar Majid Jan and Dr Tauseef Bhat, Executive Committee Members.
A constructive interaction between the KCC&I team and the Commissioner Taxes was held for addressing the concerns of the trade community which was positively responded to as a way forward for better understanding and collaboration between KCCI and the department in larger interests of business and trading communities, the statement said.
“The issues discussed related to complex tax regulations, cumbersome procedures, and ambiguities in taxation policies. The KCC&I 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,” it said.
The Commissioner Taxes and KCC&I 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, the trade body said.
“The KCC&I team also discussed the matter of the unwarranted GST rate of 12 percent on shawls and other handicraft items. The Commissioner’s attention was drawn to approximately 80 percent of labour component involved in the production of handicraft items and taxing the product with such a high labour component at 12 percent has not only resulted in reduced production but rendered a large number of weavers/artisans jobless which needed to be seriously considered and exempted from GST,” the KCC&I said, adding that the Commissioner advised them to make a case for submission through proper channels for submission and consideration by GST council under whose jurisdiction the matter falls.
Both sides agreed on the importance of maintaining regular communication and collaboration for the resolution of issues, establishing a dedicated task force to analyse the identified issues, promoting a healthy business ecosystem, organising workshops and promoting a positive sentiment among trade, commerce and businesses, it said.
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, the statement said.
