Tuesday, 24 October, 2017

J&K only state to miss the boat

Arun Jaitley India Tv Arun Jaitley
Sammy Stanley | 02 July, 2017, 01:28

"Government should come up with some clarification on the issue", Pratik Jain, partner and national leader, indirect tax, PwC said.

Even the All Party Consultative Group constituted by the government eluded consensus as most of the parties demanded Jammu and Kashmir specific safeguards before implementing GST in the state.

However, he warned that if the state misses the GST bus the consumers and traders will be the worst hit as they have to pay more.

GST has clearly divided the business communities of Kashmir and Jammu.

The GST will roll out in the country at midnight, but J&K is the only state which will fail to keep date with it.

Jammu (Jammu and Kashmir), July 1: Minister of State in the Prime Minister's Office (PMO) Dr. Jitendra Singh on Saturday hailed the Goods and Services Tax (GST) rollout, stating that the new tax regime would accelerate the country's economic growth especially of Jammu and Kashmir.

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.

"The socio-economic nature of the country is changing, and also goods such as these are used by the common man, and so it was made a decision to tax them at this rate", the Finance Minister added.

In an exclusive interview with Mihir Bhatt of Zee Business, the finance minister discussed the benefits that would accrue to the economy from GST, the advantages of multiple tax slabs, and the measures the government would take against offenders. The GST will be collected on everything, from matchboxes to gold.

Unlike other states, which were required to pass only State GST (SGST) Act in their respective assemblies, J&K needs to enforce both Central GST (CGST) and SGST Act due to the special status for the state under Article 370 of the Constitution.

The opposition opposes extending the 101st amendment of the constitution to J&K, which would hand over powers of tax collection to the Centre and threaten the state's autonomy. Besides, it will also entail amending Section 5 of J&K Constitution which can't be done.

Taking a step towards a democratic opposition of the GST, the local traders have chose to keep their business shut for a day in Agra. We are in favour of it but we are concerned about how it is implemented in J&K.


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