SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
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
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
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
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter