Srinagar: To implement the Goods and Services Tax (GST), the Finance Minister Haseeb Drabu Thursday said that state government will introduce the GST bill in next 30 days in state legislature, local news agency KNS said on Thursday.
“We will go into the GST regime but because we have a special constitutional position, we will try and make some changes,” Drabu told the news agency on the sidelines of the 14th meeting of the GST council here at the SKICC.
He said J&K draws power to tax from section 5 of its constitution whereas all other states of India draw their powers from Article 246 of the constitution of India.
“So some changes have to be made. We will try and introduce the GST bill in coming 30 days in the state legislature. Only after it is passed by the state legislature, shall we enact it,” he was quoted as saying, adding J&K was mulling to bring real estate under the GST.
The GST council meet is being attended by Union Finance Minister, Arun Jaitely and finance ministers of all the states and top officials of the country.
He said the common people would have many benefits of the GST because it would decrease the cascading effect of taxes. “And importing states like J&K will have huge benefit. As per our estimate, we will have Rs 1500 to 2000 crore profit in tax revenue. Prices will go down for common people in coming three years,” the report quoted him as saying.
The Finance Minister said the GST is perhaps India’s largest and most significant tax reform, the report added. “It is change in tax regime itself. And today to my mind this is the most important meeting because there is lot of public interest in it, like what taxes you have on salt, on cigarettes, on ships, so it affects the general public. So it is a very important meeting and perhaps it is towards the concluding part of the GST council.”