Excelsior Correspondent
SRINAGAR, May 26: The President, Kashmir Chamber of Commerce and Industries (KCCI), Javid Ahmad Tenga today expressed shock over the failure of the Government to control the skyrocketing prices of petrol and diesel.
Javaid in a statement said that in eleven days there have been eleven hikes and no cognizance seems to have been taken of the earlier request of the Kashmir Chamber to review around 150 percent State and Central taxes/levies and duties on petroleum products.
He said with the Central as well as the State Government taking no steps to reduce the taxes and duties on petroleum products, it appears that the Government and Oil Corporations are bent upon earning profits from the public. “Oil Corporations are showing an unprecedented jump in net profits. It is astounding that the Government instead of putting an end to this bizarre plunder appears to be its beneficiary,” he said.
Javaid said for years the Government has benefitted from the fall in crude oil prices and as per reports the entire reduction in the fiscal deficit of the Gross Domestic Product (GDP) between 2014 and 2016 could be attributed to the fall in crude oil prices. “For years the reduction in crude oil prices was hardly passed on to the consumers. Faulty implementation of demonetization and Goods and Services Tax (GST) has blown a big hole in the pockets of the public and put all domestic economic activity under extreme stress,” he said.
Javaid said the businesses have been pushed against the wall and the Non-Performing Assets (NPA) accounts and bad loans of banks are at an all time high. “The Government can no longer justify exorbitant taxes and needs to immediately bring down the taxes to moderate levels. It is to be appreciated that the petroleum products cater to essential needs of the public and cannot be treated as a profit earning enterprise which would be equivalent to holding the public to ransom. The petrol bomb needs to be defused,” he said.
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