SME Times is powered by   
Search News
Just in:   • Corporate India cuts gifting budget by 35-40 pc this Diwali  • Markets open on a negative note  • Reformative measures like GST will improve economy: Naidu  • Maruti's Dzire achieves 'fastest 1-lakh sales' mark  • Goodricke Group acquires Godfrey Phillips' tea business 
Last updated: 28 Mar, 2017  

gst-THMB.jpg Central GST Bill to apply pan-India except J&K for now

gst-parliament.jpg
   Top Stories
» Corporate India cuts gifting budget by 35-40 pc this Diwali
» Reformative measures like GST will improve economy: Naidu
» North East Small Finance Bank commences operations: RBI
» Dhanteras witnesses good sale; No impact of note ban, GST
» PCs, gadgets shipment to exceed 2.35 bn in 2018
SME Times News Bureau | 28 Mar, 2017
India moved a step closer to becoming a unified market in line with the federalist vision of the architects of its Constitution with the tabling in Parliament on Monday of the GST Bill, which extends pan-India except to Jammu and Kashmir.

Union Finance Minister Arun Jaitley introduced the Central Goods and Services Tax (CGST) Bill, 2017, along with three other related bills in the Lok Sabha.

The GST will subsume various indirect levies of the Centre and states like service tax, excise duty, octroi and value added tax (VAT).

The states will have to get the state GST Bills passed by their respective assemblies.

Jammu and Kashmir will need to pass all four bills in its state assembly, on account of its special powers on taxation under the Constitution.

Jammu and Kashmir is the only state in the country with powers to tax services.

State Finance Minister Hasib Drabu had represented to the Empowered Committee (EC) of State Finance Ministers on GST last year, following which the EC agreed that GST will not be extended to the state in the current form.

Drabu had submitted that the state's special taxation powers need to be protected while rolling out GST.

Given Jammu and Kashmir's special status, of particular concern to the state government is that once the new tax takes off, the GST Council becomes more powerful than state legislatures, which requires to be resolved, Drabu said.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
65.95
64.30
UK Pound
87.75
84.85
Euro
77.85
75.20
Japanese Yen 58.75 56.80
As on 18 Oct, 2017
  Daily Poll
Small traders even below the threshold limit too should register under GST system?
 Yes
 No
 Can't Say
  Commented Stories
» Starting an import export business: Basic guide for beginners(19)
» GST revamp: Relief to exporters, SMEs(13)
» Exposed: Banks behind unfairly high cost of credit(2)
» 'GST relaxations advanced Diwali celebrations'(1)
» 'Students should apply for interest subsidy on education loans'(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter