GST marks emergence of a new federal India: J&K FM Jammu and Kashmir finance minister Haseeb Drabu said the shift to goods and services tax marks the emergence of a new federal India and that the state will convene a special session in June to pass the law on its own terms to preserve its special status. The crucial GST Council meeting -to be chaired by finance minister Arun Jaitley on May 18-19 -will decide on tax rates before GST rollout from July 1.The tax brackets are 5, 12, 18 or 28%. Referring to GST as the most signifi cant tax reform since In dependence, he said sta te revenue is likely to go up about Rs 2,000 crore. “We might be behind the schedule, but we will ta ke it to assembly and get the GST law passed, most probably in the last week of June. We will try our best to work out a system which is in consonance with the regime and also protect domestic inves tors,“ Drabu told ET. Drabu said the decisions will be seen as Srinagar declaration f