Srinagar: The Kashmir Trade Alliance (KTA) conveyed its heartfelt gratitude to the Administrative Council on Wednesday for approving amnesty to settle assessed and reassessed demands against business establishments during the VAT regime.
In a statement, AijazShahdhar, President of KTA, expressed his thanks to Lieutenant Governor Manoj Sinha and other members of the Administrative Council for addressing the longstanding demand of the business community, particularly KTA.
“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 emphasized the challenges faced by businesses due to irrational demands imposed by assessing authorities through unilateral assessments and reassessments. He highlighted that numerous cases were referred to the recovery wing, causing substantial stress to entrepreneurs already grappling with various challenges.
Describing the amnesty as the first gift to the industry and trade, Shahdhar credited LG Manoj Sinha and Chief Secretary AtalDuloo for this positive development. The decision is expected to bring relief to the Kashmir business fraternity that has been adversely affected by the burden of unfounded demands and assessments.
The Kashmir Trade Alliance looks forward to the positive impact of the approved amnesty on the industrial landscape, fostering a more conducive environment for businesses in the region.
