Finance Minsiter Arun Jaitley on Monday wrote to Jammu and Kashmir Chief Minister Mehbooba Mufti urging for introduction of Goods and Service Tax in the state from July 1, like other states.
Finance Minsiter Arun Jaitley on Monday wrote to Jammu and Kashmir Chief Minister Mehbooba Mufti urging for introduction of Goods and Service Tax in the state from July 1, like other states.
All states except Jammu and Kashmir have passed the State GST Act.
The Finance Minister observed that Jammu and Kashmir had actively participated in the GST Council meetings and had meaningfully contributed to framing of the various laws and rules for GST.
He further mentioned that as per Article 370 of the Constitution, amendments made in Constitution of India are applicable to the State of Jammu and Kashmir with the concurrence of the Government of the State, as the President may by order specify.
He urged the Chief Minister to send the concurrence of the State, with any modifications as considered necessary keeping in view the special constitutional position of the State of Jammu and Kashmir, on the Constitution (One Hundred and First Amendment) Act, 2016 for the order of the President.
The Finance Minister also reminded Mufti that if the state fails to implement the GST from July 1 then ?Jammu and Kashmir will see increase in prices in the State of all goods being purchased from other States and increase in the price of all goods being sold from the State of Jammu and Kashmir to other States which shall have an adverse impact on domestic industry in the State?.
The Finance Minister pointed out that this is so because the goods and services tax is a destination based tax.
Earlier in May, Jaitley had said that the state of Jammu and Kashmir is fully competent to bring its own law on Goods and Services Tax under the state?s existing constitutional position.
?It is for Jammu and Kashmir and its Assembly to decide what they want to do (on GST implementation). I am sure the State will take an appropriate decision,? the Finance Minister said.
Reminiscent of India?s tryst with destiny at the mid- night of August 14-15, 1947, Parliament?s historic Central Hall will host a function on the intervening night of June 30-July 1 to mark the GST kick-off.
Earlier, reports surfaced regarding the Opposition's plans to skip the special session on June 30, although no official confirmation has been received so far.
The GST, which is slated to be rolled out on the midnight of June 30, will bring the Indian economy under a single tax bracket.
Six slabs of taxation have been proposed by the council, ranging from zero percent to 43 percent.
Initially, it is being said that essential commodities and luxury goods will be taxed separately.
The GST is said to be extremely beneficial to consumers, as it will bring down the price of goods and curb inflation.
The GST is also said to reduce the delays in tax payments and ensure more stringent checks on the same.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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