Category: Business

Business

JKCC calls for Kashmir bandh today, Hurriyat lends support

Editor

Jammu and Kashmir Coordination Committee – an amalgam of trade bodies and civil society – has called for Kashmir Bandh on Wednesday to protest against the police action against the traders and civil society members. “Scores of traders were detained and beaten by the police when we tried to take out a peaceful protest march outside the Assembly complex. In the morning, Kashmir Traders and Manufacturers (KTMF) president Muhammad Yaseen Khan and civil society members Mubeen Shah and Shakeel Qalandar were put under house arrest. The state government wants to…

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Valley’s Economy, Tourism sector struggle to stay afloat

Editor

The Dal Lake shimmers under the summer sun and the waves lap at the bank in a never-ending procession; a quintessential picture-postcard setting at one of Kashmir’s most iconic tourist destinations. But for Mohammad Amir, who takes tourists for rides on his shikara – a canopied paddle boat – this natural beauty has no meaning if there is no one to admire what Mughal emperor Jahangir once described as a “paradise”. Tourist inflow to the Valley has come down to a trickle after months of unrest in 2016, crippling one…

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75% Decline in entry of goods trucks to state

Editor

As stalemate persists over the implementation of the GST in J&K, the scarcity of essential commodities and goods has been staring at the state with the inflow of goods-laden trucks entering the state coming down nearly by 75 per cent. According to the official records of the Commercial Taxes Department at Lakhanpur, the gateway of the state, only about 1,750 trucks loaded with goods and essential commodities entered J&K since the nationwide rollout of the GST on July 1. “Approximately, 2,200 trucks used to enter the state via Lakhanpur toll…

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Goods and Services Tax rollout: What’s cheaper, What’s dearer

Editor

India has launched Goods and Services Tax, the biggest tax reform since its Independence. Here’s a comprehensive list of goods and services which have become cheaper and costlier starting today. Items that will now cost less Corn flakes Toothpaste Soap Hair oil Ice cream Cheese Packaged tea and coffee Atta (packed & branded) Packed paneer Masala Sweets Packed curd Economy class air travel No change Milk Fresh vegetables and fruits Bread Basmati rice Atta Juices Electricity Items that will now cost more Cold drinks Chewing gum Chocolate Shampoo Face cream…

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Gondola grounded till French expert’s nod

Editor

Pomagalski to inspect Gulmarg’s famed tourist attraction The Gulmarg Gondola service, suspended after the recent accident that claimed seven lives, will be resumed only after the go-ahead by a team of French experts. “The service will remain suspended till the enquiry is completed and service will be resumed only after a go-ahead by the French team, which is arriving soon,” said a senior official of the Jammu and Kashmir State Cable Car Corporation (JKSCCC). A team of the French firm Pomagalski would conduct the inspection. Seven persons, including four members…

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Foreign tourists stay away as unrest continues in Kashmir

Editor

The unrest in Jammu and Kashmir continues to take a toll on the state’s tourism industry with foreign visitors giving it a miss for another year. In 2016, only 63,207 foreign tourists visited the state as compared to 86,477 in 2014. The state has been under the grip of violent protests since July last year following the killing of militant commander Burhan Wani. The state was ranked 23rd in the list of India’s top 36 tourist destinations this year. According to data compiled by the Market Research Division of the…

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2016 Unrest haunts Eid sales in Kashmir

Editor

Economy down, markets bereft of hustle, say traders The severe damage caused to economy due to 2016 unrest is haunting Kashmir businesses badly with traders here saying that markets are down and sales are unable to pick up even ahead of Eid, which has traditionally remained a peak season for retail. Markets used to remain abuzz a week before Eid, however, the situation this time, as per business community, is different with markets remaining bereft of hustle. Complaining of less footfall and minimum sales, traders blame declining purchasing power of…

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Will JK face double taxation from July 1? GST Row

Editor

From July 1 onward people in Jammu and Kashmir may have to face brunt of double taxation as the state government has failed to evolve consensus over implementation of Goods Service Tax (GST) regime, with opposition terming its extension as a direct attack on “fiscal autonomy” of JK. GST is scheduled to be implemented from July 1 across India however its implementation would put JK in a fix. Would supplies coming to the state be taxed under GST as well as state tax, making goods and services in JK costlier…

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Thousands lose jobs as restive Kashmir’s tourism economy dwindles

Editor

Tourism is important for Jammu and Kashmir’s economy, contributing 8% to the state’s gross domestic product. In 2016, the state recorded 1.29 million tourists. At the Dal Lake in Srinagar, Rizwan Ahmad Bhat stands next to his shikara (a traditional boat), named Do Badan Ek Jan (two bodies, one soul), waiting for tourists. Last year this time, the lake was packed with visitors exploring its waters and the views of the surrounding Zabarwan hills. This summer, the lake and its shores are empty of tourists and the smartly-dressed boatman is…

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All states pass GST Act, except JK

Editor

With Kerala approving the State Goods and Services Tax (SGST) Act on Wednesday, Jammu and Kashmir remains the only state yet to pass the legislation ahead of the July 1 launch of the pan-India tax regime. “All states and union territories, except Jammu and Kashmir, have approved the SGST Act and are ready for the smooth roll-out of Goods and Services Tax (GST) with effect from July 1,” the Finance Ministry said in a statement here. Kerala issued an ordinance on Wednesday approving the State GST Act while West Bengal…

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