"Nearly 23 taxes have been replaced by one single tax".
"The GST council did a sensible job in fixing the rate of gold, silver and diamonds at 3% and rough diamonds at 0.25%", Sachin Menon - Partner and Head, Indirect Tax at KPMG in India, said after the June 3 meeting for fixing gold tax rate.
This time the Government is hopeful that the APCG will reach consensus as they have already provided the draft proposal on the tax regime to opposition political parties.
The next meeting is expected to take up real estate and petroleum-related issues, sources said.
The People's Democratic Party-Bharatiya Janata Party-led state government is pushing for a consensus over the bill as Jammu and Kashmir is the only state yet to pass the law for rolling out GST. "Let us understand what their views are", he had said. "On the other hand, possibility of an increased tax collection is high".
Jammu and Kashmir, the only state that failed to meet the June 30 deadline for the implementation of the goods and services tax (GST), is now likely to clear the legislation on the indirect tax regime by July 6, state finance minister Haseeb Drabu said on Friday. We want the safeguards in the GST take into consideration our special status.
The official sources said that the PDP-BJP government had chose to go ahead with the GST following an appeal was made by Union Finance Minister, Arun Jaitley, who also warned that the State would only suffer in case it fails to implement the GST. "The government is trying to build a consensus".
Politically also it is a "between the devil and deep blue sea" kind of situation for the PDP.
Normal life was affected as shop and business establishments remained closed and very less number of vehicle plied on the roads in Kashmir valley due to a daylong strike called by traders against proposed implementation of Goods and Services Tax (GST) in the state. Also, we need to convince ourselves that public opinion matters.
The FM said, "An efficient system will help in increasing the tax base and check tax evasion". "Any attempt on fiddling with Section 5 will open a Pandora's box which will have huge political ramifications for J&K in the future", Baig cautioned while revealing that that he has suggested measures to the government for ensuring protection of state's powers under Section 5 of the J&K constitution.