Srinagar December 27 (KNS): In a significant development for the business community in Jammu and Kashmir, the Kashmir Trade Alliance (KTA) has conveyed its heartfelt gratitude to the Administrative Council for approving amnesty to settle assessed and reassessed demands against business establishments during the VAT regime.
In an official statement, Aijaz Shahdhar, 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 communityparticularly 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, Chief Secretary Atal Duloo for this positive development. The decision is expected to bring relief to Kashmir business fraternity that have 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.(KNS)