JK govt to benefit from GST, will seek its passage in a

JK govt to benefit from GST, will seek its passage in a

JK govt to benefit from GST, will seek its passage in a

Around 400 items are now exempt from excise and VAT under the existing indirect tax regime. Different states will be pitching for their preferred rates for select items in this meeting.

The meeting, attended by finance ministers of states and union territories, is being held amid tight security at the Sher-I-Kashmir International Conference Centre (SKICC) on the banks of the Dal Lake.

Telecom services are set to become costlier under the upcoming Goods and Services Tax (GST) regime with the government placing them under the 18 per cent rate. "Gold is a luxury product". Coal is now taxed at 11.69 per cent. "It is not a commodity for the poor".

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The constitutional amendment in 2016 to usher in the GST was an outcome of a broad political consensus; he said and added that the state has also played an important role in it.

The holding of the meeting in Srinagar is not just the Centre's initiative but numerous states too had demanded way back in February that the Council should meet in Jammu and Kashmir when it decides the tax rates, official sources said.

"Our estimate is we will benefit Rs 1,500-2,000 crore in tax revenue on GST implementation".

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Jammu and Kashmir Finance Minister Haseeb Drabu is reported to have said, "We could look at agreements that the GST council is expected to reach during its consultations as a "Srinagar Declaration". The rates thus fixed will be charged from July 1, the scheduled date for the rollout of GST - India's biggest tax overhaul since independence.

Jammu and Kashmir is the only state in the country that has a constitution of its own which is applicable here concomitantly with the Indian constitution. Services are likely to be placed in two slabs of 12 per cent and 18 per cent, with a likely status quo for now exempted services. Another 17 per cent items are in 12 per cent tax bracket, 43 per cent in 18 per cent tax slab and only 19 per cent of goods fall in the top tax bracket of 28 per cent.

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