Traders demand relief measures to revitalise Kashmir's retail sector

Srinagar, February 15: In a significant move aimed at supporting the beleaguered retail sector, Bashir Ahmad Pamposh, Advisor of the Ad-hoc Body Kashmir Traders and Manufacturers Federation, has submitted a comprehensive set of recommendations to Kiren Rijiju, Minister of Parliamentary Affairs and Minority Affairs during 'Budget Pe Charcha'.

Pamposh emphasised the urgent need for a dedicated Retail Sector Revival Package, highlighting the struggles faced by traders in the current economic climate. A key recommendation includes a review of the One-Time Settlement (OTS) scheme for Non-Performing Assets (NPA) accounts, originally announced by J&K Bank.

"The existing OTS framework is perceived as overly complex, with multiple conditions that hinder businesses from accessing much-needed financial relief. The proposal calls for a simplified OTS structure featuring a more flexible repayment plan to aid traders in overcoming financial distress."

In addition to the revival package, Pamposh has urged the government to consider a one-time amnesty for pending tax liabilities from the pre-GST era. This measure aims to alleviate the financial burden on struggling traders while assisting the government in resolving long-standing dues. Furthermore, he has requested amnesty or settlements for demands raised during the initial years of GST implementation, a period marked by significant compliance challenges for many small businesses.

To enhance compliance within the retail sector, Pamposh proposed several relief measures. These include waivers on interest and penalties for genuine compliance delays, extended deadlines for input tax credit, and reductions in litigation and pre-deposit requirements. Such measures are intended to encourage compliance and minimize legal disputes, ultimately fostering a more supportive environment for businesses still adapting to the GST framework