Category: Business

Business

Traders, Civil society demand GST rollback

Editor

Jammu and Kashmir Coordination Committee (JKCC), an amalgam of trade and civil society members formed recently to oppose Goods and Services Tax (GST), in its present form on Monday threatened to launch civil disobedience in case GST is not rolled back by the state government. “The state has means to exercise its powers. We too have means so we will not pay tax. We are not asking government to provide us any exemption or incentives which we used to get in the previous tax structure but restoration of financial autonomy.…

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GST unpreparedness hits traders, leads to shortage of goods

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As the implementation of Goods and Services Tax (GST) has became a reality in Jammu and Kashmir, several Valley-based traders Saturday said many Multi-National Companies (MNCs) and wholesalers outside the state have stopped receiving any fresh orders for new stocks as these firms are still upgrading their systems for invoicing of goods. Most Kashmir-based traders now fear that fresh stocks wouldn’t be able to arrive here for next one month as outside companies are still in a process to upgrade their systems in tune with the new tax regime. “I…

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2017 more depressing for Kashmir tourism than strife-hit 2016

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With more than half of this year’s tourist season over, alarm bells are already ringing for those associated with the tourism industry in Kashmir. “If you thought 2016 was the worst that could hit us, you are wrong. Tourism-wise, 2017 has been worse than last year. Another year like this and it is shutters down for hoteliers of the Valley,” said Aijaz Ahmad Chaya, a well-known hotel owner who has establishments in the tourist resorts of Pahalgam and Gulmarg. The story of the average restaurant owner, tea-stall owner and those…

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Will continue to oppose GST: J&K Coordination Committee

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The Jammu and Kashmir Coordination Committee (JKCC), an amalgam of traders’ bodies and civil society members, today said it would continue to create awareness against the goods and service tax (GST) by involving larger sections of the society. “People now understand how we were deceived by the government on the GST. We are currently on job and holding consultations with different stakeholders. We will soon conduct a seminar and will also decide on the future course of action,” said JKCC convenor Siraj Ahmad. The JKCC, which had recently been formed…

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GST a Tsunami for local industry: FCIK

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Terming the union GST Act as tsunami for the yet-to-evolve the industry in the valley, the Federation Chamber of Industries Kashmir (FCIK) has demanded its immediate rollback. In an executive council meeting held under the chairmanship of speaker Syed Fazal Illahi, the members resolved to work in tandem with the newly formed Jammu and Kashmir Coordination Committee (JKCC) in order to mount pressure on the state government for the roll back.of this draconian law clandestinely extended to the state. The members observed that extension of this 47th amendment was yet…

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No buyers for energy generated from Baglihar-II hydel project

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Existing power rates low; JKSPDC in loss, supplies 450 MW to state The big ‘slump’ in the market has made it difficult for the Jammu and Kashmir State Power Development Corporation (JKSPDC) to find a buyer for the energy generated from the Baglihar-II hydropower project since it was inaugurated by Prime Minister Narendra Modi on November 7, 2015. Consequently, the JKSPDC decided to supply the full 450-MW energy generated from the Baglihar-II project to the state’s Power Development Department (PDD) at minimal rates to meet the electricity needs of the…

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Industry chamber reiterates demand for GST rollback

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Members say the GST has grave implications for handicraft business The Kashmir Chamber of Commerce & Industry (KCCI) today convened a meeting of its members connected with the handicraft industry. KCCI secretary general Faiz Ahmad Bakshi said the meeting was held to assess the “impact and anguish caused to the stakeholders by implementing the goods and services tax (GST) in the state.” “The meeting was attended by a large number of members, artisans, weavers, manufacturers and dealers of handicrafts. All participants in one voice expressed anguish over the implementation of…

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Kashmir handicrafts to incur 12% GST

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Despite the Finance Minister’s promise of keeping Kashmir handicrafts tax free, the government has brought it under the new Goods and Services Tax (GST) regime. In GST list of goods and services, handicrafts have been taxed at 12 percent and come under Integrated State Goods and Service Tax (IGST) category. According to the Handicraft department, Jammu Kashmir has 20 lakh artisans, who would be impacted with this decision. Noted Kashmiri economist, Nisar Ali said, “Bringing the handicrafts under taxation will be a big jolt to the already declining industry.” He…

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Haseeb Drabu sets operational target for businesses to migrate to GST

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Setting immediate operational target to achieve cent percent registration of businesses under GST, Minister for Finance, Haseeb Drabu, today directed the district administrations to work towards successful implementation of the new tax regime in J&K which will be beneficial for the consumers. “The biggest deterrent in the implementation of GST was the apprehension within the business community about erosion of state’s fiscal autonomy which has been taken care of. Now, the Government functionaries at District Level must take traders, businessmen, small scale industries and consumers on board for smooth transition…

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‘Culture on Cruise’ an initiative by Tourism Deptt, JKAACL launch at Dal Lake

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J&K Academy of Art, Culture and Languages in association with Tourism Department Kashmir launched a weekly cultural programme series titled “Culture on Cruise” here on Saturday at Dal Lake. Conceived by JKAACL, the innovative programme series brings writers, performance artists, musicians, poets and academics together and offers a program of performances, workshops, talks, forums and debates. Talking about the programme series – the first of its kind in the State – Secretary JKAACL, Dr Aziz Hajini says he’s looking forward to hosting such events on regular basis through summer and…

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