Excelsior Correspondent
JAMMU, Nov 23: The representatives of PHDCCI and Tax Bar Association, Chamber of Traders Federation and ICAI called on Union Finance Minister, Nirmala Sitharaman here, today and submitted a memorandum to her suggesting various measures for strengthening J&K economy.
PHD Chamber of Commerce & Industry Jammu delegation led by Rahul Sahai, its Chairman, met Nirmala Sitharaman, at Raj Bhawan here along with Vikrant Kuthiala, MC Member, PHDCCI and Co Chairs, Kuldeep Gupta and Sanjay Aggarwal.
Sahai submitted a memorandum of suggestions on measures for revival of J&K economy, timely payments to MSME’s by Government Departments , at par incentives for existing industry , increasing per capita income of citizen’s of J&K , introduction of Automobile Dealers Protection Act , ECLGS 3.0 to all business sectors, onetime restructuring bailout package , CNG pumps in J&K , radio taxi in J&K , rail coach factory and mother IT Industry in Jammu , Skill Development for youth of J&K.
A delegation of newly elected office bearers of Tax Bar Association Jammu also called on Nirmala Sitharaman and Lieutenant Governor, Manoj Sinha. The delegation comprised of Rakesh Kapahi president, Vikram Dubey senior vice president, Renu Verma vice president, Dheeraj Bhasin, general secretary and Ishant Gupta joint secretary-cum-treasurer and presented a charter of demands to them.
Rakesh Kapahi, while highlighting the issues as well as demands that were presented by way of memorandum, said that under GST Act the major issues to be considered on merits by the Government is the launching of mechanism for the revision of returns, simplification of GSTR for Annual filing related to Composition dealer, matching of ITC shall be done on half yearly or yearly basis and the time limit for availing of ITC should be taken as due date of annual return and actual date of filing the annual return whichever is earlier, establishment of GST Tribunals, Extension of time limit for revocation of Suo-Moto cancellation of registrations, last but not the least more importantly grant new restoration under GST on fast track basis.
Kapahi, besides the issued faced under GST also highlighted some of the major issues faced under Income Tax Act especially regarding the glitches faced after the launching of new Income Tax Web Portal concerning about Digital Signatures, E-Proceedings, uploading and downloading of forms and more importantly stressed upon to extend the dates for filing returns and other compliance on the new portal, keeping in view the numerous difficulties and glitches being faced by the assesses.
He said that the new portal will take time to work smoothly but till that time, it becomes user friendly, the assesses may not suffer for no fault of theirs and moreover, extension of dates will definitely attract more filing of returns and collection of revenue.
A delegation of Chamber of Traders Federation led by Neeraj Anand called on Union Finance Minister and handed over a memorandum to her highlighting various demands of business class.
The Federation while terming various steps taken by Modi Government including one nation one tax as land mark decisions expressed the hope that the FM’s current visit will also bring along a ray of hope for women entrepreneurs of this region, special initiatives announced for them shall go a long way in providing fair opportunities to 50 percent of the populace and help them achieve financial independence. They can now proudly contribute in the nation building exercise and economic progress of this great nation.
The memorandum however said that for reasons unknown, image of the Government is being tarnished in front of the investor lobbies when they come to know that whereas GOI is spending crores in building investor friendly image of the UT administration but on the ground National Cement Companies like ACC, Ambuja and Ultratec who have supplied cement to the JAKFED (subsidiary of JK Government) against published tenders are running from pillar to post for last more than three years for getting a small amount of Rs 9 crore released. Even supplies of medical equipments made during pandemic 2020 is yet to be paid putting the stakeholders to undue economic stress and uncertain future having blocked all their funds.
The other major issues highlighted in the memorandum included ease of doing business and liberal hand holding by financial institutions, renewal of lease hold rights of Narwal Fruit Mandi, dedicated budget to augment Transport sector and yard conditions, ambiguity in land laws that is biggest barrier to investments due to which investors from outside are unable to invest thus blocking the Central governments push for economic transformation in J&K.
The memorandum also demanded that traders dependent on tourism be given special attention, improvement of power infrastructure, Interest waiver on all sorts of trade loans, cash credit limits etc. at least till March 2022 for all stakeholders, rescheduling of loans , re-capitalisation of small accounts, framing of trade policy and start-up environment on lines of Industrial Policy.
It also demanded that Jammu being known as a City of Temples, dedicated budget be provided to promote religious tourism besides for upkeep of old temples of historical importance.
Vinay Jamwal, Chairman of J&K Branch of ICAI along with other members of Managing Committee met the Union Finance Minister, Nirmala Sitharaman in presence of Lieutenant Governor, Manoj Sinha and discussed the specific issues pertaining to the Chartered Accountants of J&K UT with them.
The delegation also apprised the Finance Minister and Lieutenant Governor about the creation of vacancies and appointment of Chartered Accountants in the Local PSU’s /Government departments.
The other members of the delegation were Vice Chairman of ICAI, Nakul Saraf, NICASA Chairman, Lalit Kumar Gupta and Past Chairman, Shalay Razdan of J&K Branch of ICAI.
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