J&K to benefit by Rs 1,500-2,000 cr - watsupptoday.com
J&K to benefit by Rs 1,500-2,000 cr
Posted 19 May 2017 01:58 PM

Agencies

Finance Minister Haseeb A Drabu has said J&K is expected to benefit Rs 1,500-2,000 crore by the implementation of the Goods and Services Tax (GST) and the prices would be reduced to a considerable level.
“Our estimate is that J&K will get benefit between Rs 1,500-2,000 crore tax revenue (annually), ” Drabu said ahead of the two-day crucial meeting of GST council. He added that states like J&K would be benefitted from the GST.
He pointed out that prices of commodities would get reduced to a considerable level.
J&K would be having its own GST law in accordance with the state’s constitutional position and taxation powers. For this purpose, the state government is holding a special session of the Legislature.
An official spokesman said Drabu said the historic GST meeting would make J&K part of the economic history aimed at re-ordering the country’s federal polity.
“We are now part of the national policy making which will be recorded in the history”, Drabu said.
Later in the day, Union Finance Minister Arun Jaitley said, “it is for J&K and the Assembly to decide what they want to do with the GST.”
“It is for state of J&K and Assembly to decide what they want to do. I am sure the state will take an appropriate decision and any person who understand tax system it is as clear as daylight that both state government and consumers will hugely benefit by integrating the state with the GST,” Jaitley told reporters here.

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