Kashmir Inc sends SOS to govt as losses cross Rs 20K crore
Srinagar, Feb 26:
Unable to endure further losses, Kashmir Inc. has sent an SOS to the government
seeking immediate relief and tax concessions to revive the fledgling business
in the valley.
More than 30
business organizations joined hands and issued a public appeal to the
government for help in overcoming the crisis.
Those who have
issued appeal include Kashmir Chamber of Commerce and Industries (KCCI),
Kashmir Traders and Manufacturers Federation, Kashmir Hoteliers and Restaurant
Owners Federation (KTMF) Kashmir Houseboat Owners Association (KHOA) and other
Kashmir Inc said
they have lost 1000 days of business since 2008. In 2019 alone, they have
sustained Rs 20000 crore losses due to uncertainty post abrogation of Article
have been imposed on us due to the lack of management skills, sympathy, and
concern,” they said.
KCCI President, Sheikh Ashiq Ahmad said the
business community was forced to file taxes at a time when the sector was
witnessing zero activity.
“The business sector in Kashmir is still
bleeding and the government is insensitive towards it. Traders are compelled to
file taxes like GST and others. There is no relaxation from the government,” he
Taxes department data reveal that only 65
percent of the GST has been realized in the union territory. Only 58 per cent
of Kashmiri traders have filed their GST returns so far.
Ahmad said the blockade of broadband was
proving a “death knell” for the business sector especially for handicrafts,
e-commerce and tourism.
“We have been
urging the government to restore 4G and broadband internet in Kashmir. It could
prove a major relief for the handicrafts sector,” he said.
sector has borne the maximum brunt of the turmoil post-August 5. “There is currently no investment in
Kashmir’s tourism sector. After 2014, tourism is on a downhill in Kashmir,”
said President, Jammu and Kashmir Tourism Alliance, Manzoor Pakhtoon.