CM hails efforts of Modi, Jaitley for rolling out GST

CM hails efforts of Modi, Jaitley for rolling out GST

CM hails efforts of Modi, Jaitley for rolling out GST

Regarding GST, Drabu said it would be an integrated tax regime which would replace 16 taxes now being levied by the Centre and the State Government. But not only is consensus evading the government and the opposition, there is apprehension in the PDP that the issue might be seized by the opposition and the trade bodies for open face-off in the event of which the separatists could only "add fuel to the fire".

A statement issued after a meeting of the JKPCC executive panel here 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".

Read Also: GST launch: From Rahul Gandhi to Piyush Goyal, here's what politicos have to say about the biggest ever tax reform in India The GST extension has created a controversy as opposition and traders are arguing that its extension in the present form will erode fiscal and constitutional autonomy of the state.

Earlier this evening, the J&K finance minister attended the meeting of GST Council convened by Jaitley.

"GSTN counsel has evolved" and lot of "safeguards have been made".

He also assured that the government had taken into account the fact that states did not have to suffer losses and that new rates had been kept as close to old rates as possible. We have reached a position where you are beginning to question yourself. He said the handicrafts will get into exemption category.

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In less than two days, the country undergoes a radical shift in taxation through the Goods and Services Tax (GST). He even foresees business getting down for a month or so. Customs has already started testing new forms on its systems.

"The state would lose its law-making powers on taxation matters (once the GST is implemented)".

Finance Minister said the new tax regime will reduce the incidence of tax, create an anti-corruption mechanism within the system, end tax harassment, reduce cash transactions - key to corruption - and help consumer states rather than manufacturing and developed states across India.

There is a section of society and policy thinkers who criticise the Centre for nothing happening on ground, the minister said, "Those who think reforms aren't happening must be reading just The Economist magazine".

Drabu said there is a misconception that the traders will have to file returns many times a year.

The state assembly will meet on July 4 and take it up after which the cabinet is expected to approve it on July 5. "Can it happen? I do not think so". Indirectly, he hinted at an understanding between the centre and the state on this.

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