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J&K will be affected if GST isn't implemented: Jaitley

27 Jun 2017 | By Roma Das
Jaitley urges J&K to go on-board with GST

Before rolling out the Goods and Services Tax (GST), Union Finance Minister Arun Jaitley had urged the Mehbooba Mufti led government to go on-board with the new regime.

Jaitley urged the J&K CM to implement GST in the state as the non-compliance to do so would lead to bleak results.

Jaitley also maintained how Centre is refraining from forceful implementation.

In context: Jaitley urges J&K to go on-board with GST

27 Jun 2017J&K will be affected if GST isn't implemented: Jaitley

DisadvantagesAdverse impacts of the GST, explained by Jaitley

The failure of implementing GST in the state would lead to increase in prices in the state of the goods being purchased from other states.

It would also hit local players as there will be surge in goods' prices being sold outside the state.

The minister also added that dealers will not be able to take credit for IGST too thus spurting the taxes.

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GST discussed in detail in Kashmir earlier

ConclusionGST discussed in detail in Kashmir earlier

The Union Finance Minister made it a point to mention how Jammu and Kashmir had actively participated in all the GST Council meetings and had even contributed to it.

In fact rates of over 1,200 goods and 500 services were decided during the meeting which took place in Srinagar in May.

The implementation of the GST bill would put J&K at a competitive advantage.

05 Jul 2017J&K finally passes resolution for GST implementation

Amid protests by opposition parties, the J&K Assembly has passed a resolution for the implementation of GST. The legislation is likely to be cleared in another day.

The tax regime wasn't implemented in the state on allegations of locals that it would lead to erosion of J&K's special status and fiscal autonomy.

Non-implementation of GST has created a crisis in the state's business.