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27
March 2017
India
moved a step closer to becoming a unified market in line with the federalist
vision of the architects of its Constitution with the tabling in Parliament on
Monday of the GST Bill, which extends pan-India except to Jammu and Kashmir.
Union
Finance Minister Arun Jaitley introduced the Central Goods and Services Tax
(CGST) Bill, 2017, along with three other related bills in the Lok Sabha.
The
GST will subsume various indirect levies of the Centre and states like service
tax, excise duty, octroi and value added tax (VAT). The Total Investment & Insurance Solutions
The
states will have to get the state GST Bills passed by their respective
assemblies.
Jammu
and Kashmir will need to pass all four bills in its state assembly, on account
of its special powers on taxation under the Constitution. The Total Investment & Insurance Solutions
Jammu
and Kashmir is the only state in the country with powers to tax services.
State
Finance Minister Hasib Drabu had represented to the Empowered Committee (EC) of
State Finance Ministers on GST last year, following which the EC agreed that
GST will not be extended to the state in the current form. The Total Investment & Insurance Solutions
Drabu
had submitted that the state's special taxation powers need to be protected
while rolling out GST. The Total Investment
& Insurance Solutions
Given
Jammu and Kashmir's special status, of particular concern to the state
government is that once the new tax takes off, the GST Council becomes more
powerful than state legislatures, which requires to be resolved, Drabu said.The Total Investment & Insurance Solutions
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