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Can't have single or two GST rates immediately, says Jaitley

02 July 2017

On the sidelines of a meeting on GST, he said that overall incidence of tax after implementation of GST will be less, especially, in case of the consumer goods than the present incidence of tax, therefore, it is imperative on part of the trade and industry to pass on these benefits to the consumers at large.

The controversy has been simmering in Kashmir since New Delhi's announcement that it was going to roll out the new tax regime.

The strike comes two days after the government once again failed to break the ice on implementation of GST in the state as the All Party Consultative Group (APCG) meeting called to build consensus on the tax regime was inconclusive on Thursday.

Talking about how introduction of GST will change business scenario in the country, he said, " tax evasion will reduce and proper checks and balances will emerge because of GST.

Jammu and Kashmir is the only state which has not taken a call yet on the implementation of the new tax regime which came into force in the country from midnight tonight.

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The official sources said that the PDP-BJP government had chose to go ahead with the GST following an appeal was made by Union Finance Minister, Arun Jaitley, who also warned that the State would only suffer in case it fails to implement the GST.

The ramification could be more pronounced as traders will not be able to avail input tax credit for supplies of taxable goods and services from other states to J&K. "When the end consumers are ready to pay tax, why the traders are anxious?" he said. The Constitution amendment provides that petroleum products can be taxed under GST as and when GST Council decides. It will become a huge political issue across the country.

Meanwhile, several groups of Kashmiri traders called for a general shutdown against the implementation of GST. He added, "Besides, it will entail amending Section 5 of J&K Constitution which can't be done".

But one of Drabu's and his government's criticism is that while they have been reiterating to ensure "enough safeguards both legislative as well as constitutional in accordance with the state's special position", they have not so far explained how they would go about it. However, the President may, with the concurrence of the state government, extend other central laws to the state and apply amendments made in the Constitution of India to J&K.

Can't have single or two GST rates immediately, says Jaitley