SRINAGAR: The Divisional Commissioner (Div Com) Kashmir, Vijay Kumar Bidhuri and Commissioner SMC, Athar Aamir Khan along with senior officials from Srinagar Municipal Corporation on Saturday held a detailed meeting and discussion with the representatives of various trade federations to discuss the proposed property tax within Srinagar Municipal limits.
Kashmir Chamber of Commerce & Industry, Kashmir Hoteliers Association, PHD Chamber of Commerce and Industries, KCIF, KTMF, CCIK, Kashmir Economic Alliance and many other trade federations and civil society bodies attended the meeting.
Div Com and Commissioner SMC gave a detailed presentation to all stakeholders about the property tax. The process and method of property tax calculation was discussed with the members present.
It was impressed that the property tax adopted by J&K is a progressive model. The tax to be collected will go into the account of the local bodies only and will be used for the development of the respective city only. The Tax rates are among the lowest in the country, they informed.
The members present calculated the model test cases of commercial as well as residential properties.
The tax is to be paid annually not monthly and Residential properties up to 1000 sqft have been exempted from the tax so are the agricultural land and the religious places.
The tax slabs have been kept in a very progressive manner so that the distributive Justice is taken care of.
Meanwhile, the property tax will be effective from 1st April, 2023.
