Finance Minister Dr Haseeb A Drabu on Thursday said that the JK Govt will introduce the Goods and Services Tax (GST) bill in next 30 days in state legislature.
Talking to media persons on the sidelines of 14th GST council meet at SKICC in Srinagar, Dr Drabu said, “We will go into the GST regime but because we have a special constitutional position, we will try and make some changes.”
While all the other state of India draw power to tax from Article 246 of constitution of India, J&K draws power to tax from section 5 of its constitution.
Therefore, Dr Drabu said, 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.” J&K was mulling to bring real estate under the GST, he added.
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 Cr profit in tax revenue. Prices will go down for common people in coming three years,” he said.
The GST council meet is being attended by Union Finance Minister, Arun Jaitely and finance ministers of all the states and top officials from across India.