Bokaro traders protesting against the hike in holding tax wrote to the chief Minister, Hemant Soren demanding roll back of the hike in taxes implemented as per the cabinet decision.
The protesters led by Pradeep Singh, President of Bokaro Chamber of Commerce in the letter to the chief minister pointed out that at the time of Covid pandemic when the trade and industry has been badly affected their is no logic of carrying out further hike in taxes putting extra financial burden on the common people.
Notably as per the state cabinet decision the holding tax rate has been been increased across the state corresponding to circle rate of property in that area. As per the new method of fixation of holding tax the tax for commercial property will be 0.15% of cumulative value of area of property plus circle rate of property for the area.
Similarly the holding tax for the residential property will be 0.075% of the cumulative value of the area of property plus circle rate of property in that area. The holding tax in every area will increase to 10 to 15% as per new tax regime.
The holding tax of the residential as well as commercial establishments situated in posh localities will be greatly increased as circle rate of property in these area in higher.
Echoing the sentiment, Sanjay Baid, patron of Bokaro Chamber of Commerce and Industry said " Holding tax is calculated on account of services provided to the people by the civic body thus there is no justification of making the holding tax based on the circle rate of property in an area.
He further said that at a time when inflation is on its peak due to various reasons and prices of every item including food products is on all time high than increasing the holding tax will only complicate the situation and put the common under further financial strain.
Siddharth Parakh, general Secretary of Bokaro Chamber of Commerce on the other hand said " when the traders are paying all kinds of taxes including the GST then increasing the holding tax further will only complicate the situation for them."
