The cabinet headed by PM Modi on Wednesday approved a draft bill to replace ordinances that were promulgated to introduce the Goods and Services Tax (GST) in Jammu and Kashmir, according to a senior government official.
Also, the Ordinance has extended the provisions of the Integrated Goods and Services Tax Act, 2017 referred to as (IGST Act) to the State of Jammu & Kashmir.
All dealers, irrespective of their turnover, are eligible for full input tax credit on the purchase and receipt of goods or services used in the course of furtherance of business under Goods and services tax (GST) regime, said commissioner (commercial taxes) G Srinivas in a release.
While he spoke on the GST at the BJP parliamentary party meeting, External Affairs Minister Sushma Swaraj briefed party MPs on the recent foreign visits of Narendra Modi and said no visiting Indian prime minister had received the kind of welcome accorded to him by US President Donald Trump during his recent to that country.
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Expressing delight over the same, state Deputy Chief Minister Nirmal Singh said the consumer states are to get the maximum benefit from the GST and Jammu and Kashmir is a consumer state.
Singh said the discussion on the GST took place in the Assembly on the basis of which the bill will be sent for the Presidential order.
"The faulty implementation of the GST, in its present form, has adversely affected not only the traders but also the common people."The GST in its present form are meant to benefit only the rich and industrialist friends of the Modi Government while small and medium industries are forced to close shops as they are unable to bear with its innumerable tax slabs and cesses", he said". There is no compulsion for dealers with less than Rs 20 lakh turnover per annum to register under GST, said Srinivas in the release.
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