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इंडियन आवाज़     25 May 2024 04:36:35      انڈین آواز

Lok Sabha passes two key bills for implementation of GST in J&K

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AMN

PARLIAMENTThe Lok Sabha has passed the Central Goods and Services Tax ( Extension to Jammu and Kashmir),Bill,2017 and the Integrated Goods and Services Tax(Extension to Jammu and Kashmir),Bill,2017.

The two bills will replace the ordinances promulgated earlier in this regard. The first bill provides for the extension of the Central Goods and Services Tax Act,2017 to Jammu and Kashmir and the other provides for the extension of the Integrated Goods and Services Tax IGST Act,2017 to the State.

Replying to a debate on the bills Finance Minister Arun Jaitley said that GST will have positive impact on Jammu and Kashmir. Allying members concern about financial autonomy in the state Mr jaitley said, special status grated to the state should not be a barrier in economic development. In regard to tax slabs, he said, there is a scope of further rationalisation of rates.

The Minister said, all tax rates on different items have been decided by GST council and not by the Centre. He said, the rate has been fixed on the basis of revenue neutrality, equivalence. He said,GST Network is working smoothly and keeping an eye on every transaction.

Earlier moving the Bills, Mr Jaitley said, the bills have been brought to make applicable the provisions of GST Act in the State of Jammu and Kashmir. He said, the State Assembly has passed the State Goods and Services Tax and integrated it with the GST and in view of it these two bills have been brought.

He said, if the State do not come under the purview of GST, then the goods and commodities become costlier and consumers will have to pay more. He said, the new tax regime will benefit both consumers and traders.

Initiating the debate, Adhir Ranjan Chowdhury of Congress crticised the government of taking ordinance route for implementing various laws. He said that government should ensure that the new tax regime will not affect the fiscal autonomy of the State.

Jugal Kishore Sharma of BJP said, the new tax regime reflects the concept of economic integration. He said, Jammu and Kashmir will be benefitted with the implementation of GST. Members from other political parties including BJD, CPI(M), Shiv Sena participated in the discussion.

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