J-K Finance Minister asks industry to abide by tax norms

"Revenue mobilisation is pivotal for development and progress of the state. It should be the joint responsibility of all stake holders, including the industry and the government, to make no compromise in this regard." he said.

The minister was holding pre-budget discussions with the industry representatives here.

Rather said despite having limited resources, the government has extended unprecedented tax relief to people, especially the industry, during last three years.

He advised the business community to aspire for tax concessions and incentives only in proportion to state's revenue resources.

The minister insisted that instead of levying fresh taxes, the government will prefer to introduce more reforms in the existing tax and fiscal management system which has resulted in two-fold increase in state's revenue.

He stressed that the government is committed towards ensuring faster, sustainable and inclusive growth in the state and will try to meet the aspirations of people in the budget.

Highlighting steps taken by the state for boosting trade activities, Rather said to mitigate hardships of the business community, the government has recently commissioned a fully-computerised toll plaza at Lakhanpur in Kathua district.

The minister, however, expressed concern over massive violation of tax norms at the toll plaza, and said as many as 24,000 such cases were reported during the last fiscal year.