Jammu: Ahead of Union Budget, business fraternity and traders in Jammu are already talking about some of their hopes for relief in taxation and receipts for tourism, as also the much needed economic relief measures going into the budget.
Speaking from one of the main commercial hubs, Raghunath Bazaar, traders expressed their hopes that this budget will come out as supportive to the small businesses.
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One of the major demands from traders is the decrease in Goods and Services Tax (GST). According to them, the highest slab of GST, which is 28%, should be brought down to 18% as high taxation affects small businesses and daily transactions. “The burden of GST falls directly on common people. We appeal to the government to simplify the tax structure and offer relief to traders,” said a local businessman.
Income tax slab was another concern as traders have pleaded with the government to increase the exemption limit. “Presently, businesses earning above ₹5 crore pay 30% in income tax. We request the government to reconsider the tax structure to support middle-class entrepreneurs,” added another trader.
The trading community has further demanded special provisions for tourism development on budget day. They urged that tourism projects be greatly developed in Jammu as well, just as they have been in Kashmir, to save the city from an economic downturn. “With straight train connectivity to Srinagar, there is a danger that Jammu may lose out on its tourism dollar. We need new attractions like a ‘Statue of Secularism’ in the name of Atal Bihari Vajpayee, just as the Statue of Unity was, to pump up local tourism,” said a trader.
Other major expectations include relief in terms of financial aid for daily wage earners, auto-rickshaw drivers, and laborers and investment in heritage sites such as Mubarak Mandi Complex and Jammu Lake to boost tourism.
Finance Minister Nirmala Sitharaman is getting ready to present the budget, and the traders of Jammu are optimistic that their grievances will be redressed, thus ushering in economic stability and growth in the region.
