Srinagar, 27 December: The Kashmir Trade Alliance (KTA) has expressed its sincere thanks to the Administrative Council for granting amnesty to pay assessed and reassessed claims against commercial facilities during the VAT regime, which is a major step for the business community in Jammu and Kashmir.
The long-standing request of the business sector, especially KTA, was addressed by Lieutenant Governor Manoj Sinha and other members of the Administrative Council, according to an official statement from KTA President Aijaz Shahdhar.
“The approved amnesty provides a clean slate to the business community for the pre-GST regime, particularly during the period when businesses were exempted from VAT payments under the remission mechanism.”
Shahdhar highlighted the difficulties that companies have as a result of unreasonable expectations made by evaluating authorities via unilateral evaluations and reevaluations. He emphasized how many instances were sent to the rehabilitation wing, adding significantly to the stress of enterprises that were already facing a number of difficulties.
Shahdhar praised Chief Secretary Atal Duloo and LG Manoj Sinha for the amnesty, calling it the first gift to commerce and industry. The judgment is anticipated to provide respite to the business community in Kashmir, which has been severely impacted by the weight of baseless claims and evaluations.
The Kashmir Trade Alliance anticipates that the authorized amnesty will have a positive effect on the industrial landscape and create an atmosphere that is more favorable for enterprises operating in the area.
