Union Finance Minister writes a letter to the Chief Minister of Jammu & Kashmir. Shri Jaitley urges CM Membooba Mufti Sayeed to implement GST in the State.
GST
Dated:- 26-6-2017
The Union Finance Minister Sh. Arun Jaitley today has written a letter to the Chief Minister of the State of Jammu and Kashmir, Membooba Mufti Sayeed urging for introduction of the goods and services tax in Jammu and Kashmir from 1st July, 2017 along with the rest of the States.
The Finance Minister observed that Jammu and Kashmir had actively participated in the GST Council meetings and had meaningfully contributed to framing of the various laws and rules for GST. He thanked the Chief Minister for having hosted the Fourteenth meeting of the GST Counc
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letter the Finance Minister also brought to the notice of the Chief Minister that in case the State of Jammu and Kashmir is not able to introduce GST from 1st July, 2017, it may lead to following adverse impact :
(a) A general increase in prices in the State of all goods being purchased from other States and
(b) Increase in the price of all goods being sold from the State of Jammu and Kashmir to other States which shall have an adverse impact on domestic industry in the State.
The Finance Minister pointed out that this is so because the goods and services tax is a destination based tax. To ensure this an Integrated goods and services tax(IGST) shall be levied on all supplies of goods and services made in course of inter State trade or co
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