SCCI urges Jharkhand CM to revise holding tax increase and revert to earlier norms

Mail News Service

Jamshedpur, May 24:  Singhbhum Chamber of Commerce and Industry (SCCI) Vice President, Mukesh Mittal has written to Jharkhand Chief Minister Hemant Soren on the new structure of holding tax approved in a recent cabinet meeting, and revert to the earlier rate. The letter stated that citizens were already cornered by the inflationary trend and the new rate envisaged for holding tax would add further weight to their already bent financial backbone. Mukesh Mittal wrote, “The recent Jharkhand cabinet meeting’s decision to enhance the quantum of holding tax will further add to the economic burden the citizens of the state are undergoing due to the inflationary trend and should be withdrawn immediately to provide some relief to the denizens of Jharkhand.”

Mukesh Mittal’s letter to the Chief Minister mentioned that as of present the holding tax of residential and commercial buildings in the areas under Municipal Corporation, Municipal Council and Municipality would be collected according to the Circle Rate and this new measure will account for an increase in the holding tax between three and five percent that will be detrimental to the economic status of Jharkhand residents.

The SCCI Vice President contended that with this increase in holding tax, there had been a significant change in the tax for residential and commercial buildings. “Earlier, the holding tax of a residential house was Rs 1,000,  but with the revised holding tax structure, one has to pay at a rate that is three to five percent higher while the holding tax for commercial buildings is seeing an enhancement of five times more than the earlier rate. Due to this enhancement possibilities are that the inflation graph would climb higher. Since the circle rate increases every year, the holding tax will automatically increase annually,” wrote Mukesh Mittal and urged the Chief Minister to provide relief to the people by taking appropriate decisions without delay in public interest.