Srinagar January 01 (KNS): The Kashmir Trade Alliance (KTA) has expressed its strong approval of the recent Union Budget announcement, which includes the enhancement of the income tax slab to Rs 12 lakh.
President, Kashmir Trade Alliance, Aijaz Shahdhar said that KTA believes that this increase will provide much-needed relief to taxpayers, allowing them to retain a larger portion of their hard-earned income. "The move is anticipated to bolster consumer spending, crucial for driving demand in various sectors, including trade, tourism, and handicrafts—industries vital to the economic landscape of Kashmir."
Moreover, the alliance highlights the importance of this budgetary change for Micro, Small, and Medium Enterprises (MSMEs) in the region. By enhancing the income tax slab, the Union Budget empowers MSME owners, promoting entrepreneurship and innovation. This sector has been a backbone of the local economy, and greater financial flexibility will enable MSMEs to reinvest, expand, and create additional job opportunities.Click Here To Follow Our WhatsApp Channel
"The enhancement of the income tax slab is a commendable step towards empowering the middle class and supporting MSMEs, which play a crucial role in our economy," said President, Kashmir Trade Alliance, Aijaz Shadhar. "This initiative will provide financial relief and encourage investments in local businesses, fostering an atmosphere of growth and sustainability within our community."
In addition to the tax reforms, the KTA urges the government to continue focusing on policies that support local industries and small businesses, which have been severely impacted in recent years. The alliance remains committed to advocating for measures that will strengthen the economic fabric of Kashmir.(KNS)