Goods and Services Tax – GST – Dated:- 30-6-2017 – Srinagar, Jun 29 (PTI) The second meeting of an all-party consultative group, constituted by the Jammu and Kashmir government to evolve a consensus on the GST implementation in the state, was held here this evening. The government claimed that the parties were in agreement on the extension of the new tax regime but with safeguards to protect the fiscal autonomy of the state. There was a general consensus in the meeting that non- implementation of the GST regime would trigger economic and financial chaos in the state with the inter-state trade vis- a-vis J-K taking a big hit, an official spokesman said here. He said the meeting was held under the chairmanship of former deputy chief minister
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he political opinion to evolve broad-based consensus before Jammu and Kashmir is brought under the tax regime. If we talk of bringing a separate law, the Centre will have to amend two chapters in the Constitution to delegate powers of taxation to the state of J-K. It will become a huge political issue across the country. Besides, it will also entail amending Section 5 of J-K Constitution which can't be done. More so, any attempt on fiddling with Section 5 will open a Pandora's box which will have huge political ramifications for J-K in future, he said. Presenting the government's view, Finance Minister Haseeb Drabu said the government will ensure adequate safeguards for protecting the special constitutional position of Jammu and
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ed with mainland Indian market. Entire requirements are imported from it and everything produced or manufactured in J-K is exported to the same market. Twin taxation systems dissociated from each other will entail costs to business and to public finance system. Trading processes will be subjected to twin taxation systems making everything costly in J-K, a cost that ultimately the consumer shall have to bear, he said, adding traders will have to pay more for managing twin systems and it could create a situation that J-K may not get buyers or sellers for its products. NC's Rather, who is the former chairman of the Empowered Committee of Finance Minister on GST, said his party was not against the implementation of the GST in the state in p
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