GST is a hot topic for financial ministry for quite a long time in accordance with the importance of its implications in the Indian economy. Various doubtful scenario has been created after the surfacing of demonetization in due dates but In a critical choice, Jammu and Kashmir Government today consented to actualize Goods and Services Tax (GST) in the State and set up apex state Committee headed by Principal Secretary, Planning Development and Monitoring Department, BB Vyas to draft the enactment, which would be tabled before the Government, and after discussion, in the Legislature.
Official sources told that the Government has, in any case, kept the alternative open of ensuring the uncommon Constitution position of the State and tax forces being delighted in by it while drafting the enactment.
Union Finance Minister Arun Jaitley had been worrying on all States including Jammu and Kashmir, which haven’t passed the GST enactment so far to support it at the most punctual to clear decks for execution of one duty structure all over the nation. Jaitley had as of late conceded that April 2017 due date would be hard to meet because of deferral in agreement in the GST Council over a few issues including dual control.
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As budget session of the Legislature is starting on January 3 and will finish up by the starting week of February, it won’t be workable for the Government to present the bill in budget session of the council as the high-level Committee has been given three months to draft the report, which implies that it would present its report around March 10.
As per sources, GST could miss the past due date of April 1, 2017, set by the Central Government for its usage over as the GST Council, which met in the Union capital a few days back had neglected to achieve similarity on the issue of dual control over a few circumstances. It was relied upon to meet again one week from now in New Delhi to work out a solution.