KL Report
Srinagar
On the 2nd consecutive day, the Minister for Finance and Ladakh Affairs, Abdul Rahim Rather today held threadbare pre-budget discussions with the members of Kashmir traders united front, intellectuals and academicians to elucidate their view for making next year’s budget proposals more representative and feasible to the people including trade and industry.
Rather said that the exercise of holding pre-budget discussions with the cross section of people have proved very fruitful as it serves the twin purpose of having an insight into the view point of the stakeholders, their problems as well as improvisation at the administrative level. He said basic objective behind this gigantic exercise was to associate the people in budget formulation exercise by including genuine demands and suggestions of the stakeholders in the budget proposals. He said in previous budgets also most of the genuine demands and suggestions of the stakeholders were reflected predominantly adding that in future also such suggestions will be considered with open mind by the budget formulators.
‘’It is due to such exercises that the entire agriculture sector has been made almost tax free and special incentives and tax concessions have been earmarked to boost the tourism sector in the state’’, Rather added.
The Economic Advisor to government, Jalil Ahmad Khan, Commissioner Commercial Taxes, Kifayat Hussain Rizvi, Director Budgets, M Ishaq Wani, Special Secretary Finance, Zubair Ahmad, Additional Commissioner Commercial Taxes, Rafiq Ahmad Hakim, Deputy Commissioner Commercial Taxes Central, Showkat Aijaz and other concerned Officers were also present in the meetings.
Responding to the suggestions regarding exploitation of vast Hydel potential, Rather said it was for the first time in the history of the state that a well thought and realistic power policy has been announced by the present government and construction of mini Hydel projects have been thrown open for bidding to the local entrepreneurs also. He said Cabinet Sub Committee (CSC) has already recommended taking back some power projects from NHPC. He also sought support of the business community to tide over the grim power receipt situation.
As per a statement Rather said business community is the responsible and integral segment of the society and its contribution in the socio-economic transformation of the state is pivotal. He said safeguarding their interests is the prime concern of the government. However, he said as the tax revenue was imperative for the development and progress of the state there cannot be any compromise on the account.
The members of intelligentsia and academicians also held a wide ranging deliberations with the Finance Minister along with the team of senior officers and gave their valuable suggestions for further improving and upgrading the State’s overall socio-economic set up.
The President Tax Bar Association, Srinagar, Firdous Atta Mohammad suggested to increase threshold level from Rs. 7.5 lakhs to Rs. 12 lakhs for registration purposes and sought one time amnesty for arrears under GST Act 1962.
Academicians including Prof Noor Ahmad Baba, Department of Political Sciences, Prof F A Masoodi and S H Rafiqi, Vice Chairman, Srinagar Chapter of Institute of Company Secretaries of India also presented their views to make the Budget proposal growth oriented. The 20-member delegation of KTUF was lead by its President, Haji Mohammad Sidiq Baqal.
The demand put forth by the KTUF in its memorandum included proper rehabilitation package for the dislocated shopkeepers due to road widening of I G road, Nowgam, Qamarwari, Rainawari, Batmaloo, Ram Bagh, Solina Silk Factory Road etc. and fresh amnesty to the traders to remit their outstandings, rationalization of tax rate in the wake of proposed GST and creation of international cargo handling facilities in the Valley.
