Skip to main content

Centre urges J&K to implement GST from July 1

By

The Centre has urged Jammu and Kashmir to implement the goods and services tax from July 1 to ensure that consumers and industry in the State are not put at a disadvantage.
In a letter to Jammu and Kashmir Chief Minister Mehbooba Mufti, Union Finance Minister Arun Jaitley has said that non-implementation of the new levy from July 1 will have an “adverse impact” and lead to a general increase in the prices of goods that are purchased from other States as well as in the prices of all goods being sold from Jammu and Kashmir.
“GST is a destination-based tax… if the State of Jammu and Kashmir does not join GST on July 1, dealers shall not be able to take credit of the Integrated GST for all purchases. This shall get embedded into the prices of purchased goods or services, leading to cascading of tax and increase in prices of the said goods or services for the final consumers in Jammu and Kashmir,” Jaitley said, according to a release by the Finance Ministry on Monday.
All States and Union Territories, barring Jammu and Kashmir, have passed the State GST Act or promulgated an Ordinance to ensure that the new indirect tax levy comes into effect from July 1.
With special status under Article 370, J&K has to amend its own Constitution to roll out GST. A special session of the State Assembly called on June 17 failed to pass the Bill.
With concerns on how GST will impact the State’s fiscal autonomy, the State Government has now set up an all-party committee to look into the new levy. It is expected to meet this week but it is unlikely that the State will implement GST from next month.
Noting that J&K has played a meaningful role in the deliberations of the GST Council and even hosted the 14th round of discussions, the Union Finance Minister has noted that under Article 370 of the Indian Constitution, amendments made in the Constitution of India are applicable to Jammu and Kashmir with the concurrence of the State Government, as the President may by order specify.
Accordingly, he has urged Mufti to send the concurrence of the State, with any modifications considered necessary for its special status, on the Constitution (One Hundred and First Amendment) Act, 2016 for the order of the President.
The  Hindu, New Delhi, 17th July 2017

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Offer’s for all of you

By
Great Bumper Dhamaka Offer’s for all of you... It's Time to see your Business Online, WebeCreator Offer Website Designing with domain & Email @ nominal charges. For a year For More information visit us http://goo.gl/KlpppF call on 9890151261/9773197533  drop a mail to sales@webecreator.com
Post a Comment
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more