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| JBCC flays CCI for hailing Budget | | | Early Times Report
JAMMU, Mar 13: Descr-ibing the Budget proposals for 2010-11, presented by the Finance Minister, A. R. Rather in the State Assembly yesterday, as anti-business community, Jammu Business Co-ordination Committee (JBCC) criticized CCI Jammu and the Confeder-ation of Industries and Com-merce Jammu for hailing the same. In a press statement issued here on Saturday, Kulbhushan Mohetra Chair-man Jammu Business Coordination Committee said that these leaders of trade organizations have failed to grasp the economical implications of the budget proposals, which go against the interest of the business community in Jammu & Kashmir. One percent increase in the VAT on a very large number of commodities, two percent increase in the Service tax, from present 8 to 10 percent and ten percent addition to the existing toll tax besides being inflationary in nature will adversely affect the traders in the State, who will be at disadvantage in comparison with their counterparts in the neighboring states.
Already in our State VAT was fixed at 12.5% in about 80% items, which has been now raised to 13.5%, while the same was at the rate of 4.5 percent only on a small number of goods sold in the State, which will now be taxable at the rate of 5.5%. In the neighboring Punjab most of the items are in the category of 4.5% VAT, which is now raised to 5.5%in that State. Mohetra further said that while the traders will be forced to pass on the additional tax burden on the customers, which will further raise the prices of the commodities, the sales are bound to fall and in most of the cases the consumers will prefer to buy the goods from the neighboring States. This will also adversely affect the revenue collection by the government in the State.He has demanded roll back of these enhanced VAT, service tax and toll tax, failing which the business community will be forced to lodge strong protest against the anti-business community moves of the State Government.
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