J&K: Traders welcome Union Budget, increase in defence allocationhttps://indianexpress.com/article/business/budget/jk-traders-welcome-union-budget-increase-in-defence-allocation-5565243/

J&K: Traders welcome Union Budget, increase in defence allocation

However, the Chamber feels that there should have been some relaxation in GST regime wherein services are being taxed as highest as 18 per cent effecting every citizen of the country.

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The initiatives to uplift the poor and weaker sections of the society and massive spending on infra would help in growth of GDP of consumer-driven, debt-financed economy, Chamber president Rakesh Gupta said. (Photo: PTI)

The Jammu Chamber of Commerce and Industry, a prominent organisation of traders and industrialists in the region, on Friday hailed the union budget especially the massive increase in the defence allocation, saying it was of utmost importance keeping in view the security concerns and external threats being faced by the country.

The initiatives to uplift the poor and weaker sections of the society and massive spending on infra would help in growth of GDP of consumer-driven, debt-financed economy, Chamber president Rakesh Gupta said, appreciating the extension of affordable housing PM’s initiative by one year and the pension scheme for the weaker section above 60 years.

However, the Chamber feels that there should have been some relaxation in GST regime wherein services are being taxed as highest as 18 per cent effecting every citizen of the country, he said. He also mentioned that some permanent solution to the problem of farmers income should have been considered by way of providing Budget for space and infra to enable them sell their agriculture produce directly for realisation of the real value of their produce.

The Chamber leader also said that some interests subsidy subvention scheme should have been announced for the traders who are the major part of MSME sector and have been facing the worst because of implementation of GST especially in Jammu and Kashmir where “ONE NATION ONE TAX” under the GST regime has not been implemented by the state government. He raised doubts regarding the Union Budget announcements being implemented by state government considering the non-implementation of “One Nation, One Tax” wherein a sum of Rs. 900 crores under the guise of state toll on Goods is being collected in addition to the GST.

Reacting to the announcement that there shall be no Income Tax upto the Income of Rs. 5 lakhs, the Jammu Chamber feels it is just a honey trap as it has been linked to a particular section in the Income Tax act and shall not be a big relief or a permanent relief, he said. The Chamber hopes that the PMO takes urgent note of the Prime Minister’s initiatives and announcements being defeated by the J&K administration for their vested interests seriously, he added.