‘Rs 8,000 cr annual GST revenue to J&K has NO base’
BILAL HUSSAIN
SRINAGAR: The apex business chamber of the valley— Kashmir Chamber of Commerce and Industry (KCCI) — today contested the figures spelled by the president of an industrial body, Federation Chamber of Industries Kashmir (FCIK), Shakeel Qalander, of “Jammu and Kashmir could earn a whopping Rs 8,000 crore annually by switching over to the proposed Goods and Service Tax (GST)”.
In a joint meeting of the KCCI, the Kashmir Traders and Manufacturers Federation (KTMF), Kashmir Hotel and Restaurant Association (KHARA), Travel Agents Society of Kashmir (TASK), Houseboat Owner’s Association and the Kashmiri Handicraft Manufacturers and Exporters Association took a serious note of the statement by Qalander and all the organizations unanimously condemned the statement made by the Qalander regarding the implementation of GST. It was noted that the statement concerned the entire business fraternity of Kashmir and the Qalander had “No authority or mandate to speak on issues that concerned sectors not under the purview FCIK”.
It was unanimously decided to caution such elements from issuing statements which are detrimental to the interests of the Trade, Commerce and Industry of Kashmir.
The statement of the prez FCIK regarding implementation of GST which appeared in the press on February 1, 2010. The meeting was presided over by Abdul Hamid Punjabi, Senior Vice President, KCCI.
While talking to Kashmir Times Hamid Punjabi said, “Quoting fanatic figures of the annual revenue given out by the prez FCIK by the state government holds NO ground,” The figure of Rs 8,000 crore annually draw severe criticism. While as basic aspects of GST like slabs/rates of tax to be levied, list of exemptions, revenue neutral rate, actual assesses base and other issues are yet to finalized, “the calculation of any figure at this stage is rubbish,” Hamid Punjabi said.
Noted economist of the Valley, Professor Nisar Ali, told Kashmir Times over phone from New Delhi, “I don’t think the state would be able to manage such huge amount by the implementation of GST. It is too high an estimate.”
Prof Ali said that before going for implementation of GST in the state, the government has to focus on infrastructure and capacity building, which are pre-requisites for GST implementation in the state.
The allegation regarding undervaluation of bills was also condemned in the meeting. “Since valuation of bills whether was not even remotely concerning their organization, it is unfortunate that such uncalled for remarks had been made which had hurt the sentiments of the trading community,” said Hamid Punjabi.
President KHARA, Siraj Ahmad on the same said that a person who he representing a tiny sect of industry should not go beyond and cross the limits. “Qalander has no right to speak on our part. He has NO mandate to issue such a statement. If at all he want to please the government, he can do at personnel level not at our stake.”
President KCCI Nazir Ahmad Dar said that finance minister, Abdal Rahim Rather, on it said that the imposition of new tax regime needs discussion, so let us wait for it. “All stakeholders need to be taken on board before implementing it in the state.”
President KTMF, Mohammad Sadiq Baqal said the state finance minister has assured them to defer the implementation of the proposed GST system in the state. Reacting to the statement by Qalander in the press that the new tax is expected to check the undervaluation of bills for the goods imported into the state. “There is no question about the undervaluation here,” Baqal said.
Reacting to it prez FCIK, Shakeel Qalander, told it would be more than Rs 8000 crore. “We would soon be providing the details and calculation.”
BILAL HUSSAIN
SRINAGAR: The apex business chamber of the valley— Kashmir Chamber of Commerce and Industry (KCCI) — today contested the figures spelled by the president of an industrial body, Federation Chamber of Industries Kashmir (FCIK), Shakeel Qalander, of “Jammu and Kashmir could earn a whopping Rs 8,000 crore annually by switching over to the proposed Goods and Service Tax (GST)”.
In a joint meeting of the KCCI, the Kashmir Traders and Manufacturers Federation (KTMF), Kashmir Hotel and Restaurant Association (KHARA), Travel Agents Society of Kashmir (TASK), Houseboat Owner’s Association and the Kashmiri Handicraft Manufacturers and Exporters Association took a serious note of the statement by Qalander and all the organizations unanimously condemned the statement made by the Qalander regarding the implementation of GST. It was noted that the statement concerned the entire business fraternity of Kashmir and the Qalander had “No authority or mandate to speak on issues that concerned sectors not under the purview FCIK”.
It was unanimously decided to caution such elements from issuing statements which are detrimental to the interests of the Trade, Commerce and Industry of Kashmir.
The statement of the prez FCIK regarding implementation of GST which appeared in the press on February 1, 2010. The meeting was presided over by Abdul Hamid Punjabi, Senior Vice President, KCCI.
While talking to Kashmir Times Hamid Punjabi said, “Quoting fanatic figures of the annual revenue given out by the prez FCIK by the state government holds NO ground,” The figure of Rs 8,000 crore annually draw severe criticism. While as basic aspects of GST like slabs/rates of tax to be levied, list of exemptions, revenue neutral rate, actual assesses base and other issues are yet to finalized, “the calculation of any figure at this stage is rubbish,” Hamid Punjabi said.
Noted economist of the Valley, Professor Nisar Ali, told Kashmir Times over phone from New Delhi, “I don’t think the state would be able to manage such huge amount by the implementation of GST. It is too high an estimate.”
Prof Ali said that before going for implementation of GST in the state, the government has to focus on infrastructure and capacity building, which are pre-requisites for GST implementation in the state.
The allegation regarding undervaluation of bills was also condemned in the meeting. “Since valuation of bills whether was not even remotely concerning their organization, it is unfortunate that such uncalled for remarks had been made which had hurt the sentiments of the trading community,” said Hamid Punjabi.
President KHARA, Siraj Ahmad on the same said that a person who he representing a tiny sect of industry should not go beyond and cross the limits. “Qalander has no right to speak on our part. He has NO mandate to issue such a statement. If at all he want to please the government, he can do at personnel level not at our stake.”
President KCCI Nazir Ahmad Dar said that finance minister, Abdal Rahim Rather, on it said that the imposition of new tax regime needs discussion, so let us wait for it. “All stakeholders need to be taken on board before implementing it in the state.”
President KTMF, Mohammad Sadiq Baqal said the state finance minister has assured them to defer the implementation of the proposed GST system in the state. Reacting to the statement by Qalander in the press that the new tax is expected to check the undervaluation of bills for the goods imported into the state. “There is no question about the undervaluation here,” Baqal said.
Reacting to it prez FCIK, Shakeel Qalander, told it would be more than Rs 8000 crore. “We would soon be providing the details and calculation.”
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