Shadow Correspondent
Jammu, June 18:
The state office bearers of Laghu Udyog Bharati, Jammu and Kashmir, held a meeting under the leadership of State President Parveen Pargal.
The meeting included National Executive Member Rajinder Gupta, Senior Member Rajesh Jain, Vice Presidents Advocate Ishant Gupta and Mukul Gupta, General Secretary Aagam Jain, and Treasurer CA Pranav Gupta.
The meeting focused on an important opportunity for Laghu Udyog Bharati as the Union Finance Ministry has requested pre-budget suggestions from the organization.
The J&K unit discussed with its members and office bearers and proposed various suggestions including the need for GST reforms with only three slabs: 5%, 15%, and 28%. They proposed making Laundry Soap (Desi Narol Soap) Tax Free as commonly used by the poor.
They also suggested exempting GST on the purchase of a residential house or flat if the buyer has no other residential property. Additionally, they recommended the GST slab rate be reduced to the minimum rate for mines, minerals, and scrap to prevent tax evasion in the scrap industry as the scrap items were already tax paid. For the MSME law with a 45-days payment rule, they suggested a phased wise implementation: the first phase for government departments and organized sectors, the second phase for traders and third phase for all MSME.
They also proposed extending the payment period from 15 days to 45 days without an agreement and up to 90 days with an agreement.
They recommended extending the closure of the NCSS window from September 2024 to September 2027 and increasing the financial package for J&K from 28,400 crore to 1 lakh crore. In terms of income tax reforms, they suggested increasing the income from 15 lakh to 25 lakh for a 20% tax rate, from 25 lakh to 50 lakh for a 25% tax rate and applying a 30% tax rate above 50 lakh. They also proposed doubling the railway track from Jammu to Katra to handle future heavy rush due to the train to Kashmir. They emphasized developing particularly Jammu as an independent tourist destination, similar to nearby areas in Himachal Pradesh like McLeodganj, Dalhousie, and Palampur, which attract many tourists and generate revenue.
They noted that Jammu, surrounded by hills and with eight independent hill stations in every district like Kathua, Doda, Kishtwar, Ramban, Udhampur, Reasi, Rajouri, and Poonch as these districts has significant potential. They also suggested increasing helicopter services to Vaishno Devi to accommodate more pilgrims and streamline the process, and creating a leopard reserve in Raika Forest.
Parveen Pargal expressed that it is a great opportunity and a proud moment for Laghu Udyog Bharati that the Finance Ministry has sought their pre-budget suggestions, and they have provided their recommendations for J&K.
