As Centre Rehearses GST Rollout, J&K to Take Final Call Today

As Centre Rehearses GST Rollout, J&K to Take Final Call Today

Loss or no loss, special status of Jammu and Kashmir is more important than anything.

India on July 1 launched the much awaited GST system that is billed as the largest ever tax reform undertaken by the country since independence.

Meanwhile, normal life was affected as shop and business establishments remained closed and very less number of vehicles plied on the roads in the Valley due to a daylong strike called by KTMF against GST.

The next meeting is expected to take up real estate and petroleum-related issues, sources said.

"In case the GST is not extended to the state, the businesses will be crippled as no trader from Jammu and Kashmir will be able to do business with their counterparts from other parts of the country".

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"The traders, manufacturers and restaurants with an annual turnover of Rs 20 lakh to Rs 75 lakh can opt for the composition scheme and pay tax at one per cent, two per cent and five per cent, respectively", the Finance Minister said at the Summit.

As per a PTI report, Arun Jaitley, Minister for Finance, Government of India on Tuesday said people may have to face some difficulty initially as the GST (Goods and Services Tax) is rolled out but in the long-run the new indirect tax regime would help cut tax evasion and check price rise.

The consultative committee meeting held threadbare discussions over the legal, legislative, financial, economic and administrative aspects of the Goods and Services Tax (GST) regime with the chairman explaining in detail the nuances of the new tax regime. "It is about time that the mindset also became a mindset of a developed economy", Jaitley said at an event here.

A statement issued after a meeting of the JKPCC executive panel under the chairmanship of party unit chief G A Mir said, "It is the duty of the government to take steps to ensure the timely implementation of the GST, if they are honest".

A special one-day session was called on June 17 to debate the draft legislation on the GST approved by the State Cabinet earlier issue but it was adjourned indefinitely after the House witnessed noisy scenes. Besides, it will also entail amending Section 5 of J&K Constitution which can't be done. Entire requirements are imported from it and everything produced or manufactured in J&K is exported to the same market. We are in favour of it but we are concerned about how it is implemented in J&K.

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