Jammu and Kashmir will soon join GST regime, assures Jaitley

Arun Sankar | AFP | Getty Images

"J&K has a different system because of the Article 370 giving it special status".

Indian opposition vowed Friday to boycott the launch of the government's new national tax, adding to the strain ahead of the country's biggest ever fiscal reform. These people were opposed to such economic integration. It will end harassment of traders and small businesses. "However, going forward, it is expected that due to reduced cost because of availability of GST credit on items hitherto not available, the price of services will come down which will benefit the consumers", said Sandeep Sehgal, director-tax and regulatory at Ashok Maheshwary & Associates LLP. With the help of the GST, the backward states, the poor and the oppressed will help get uplifted.

He also said the new tax regime will give opportunities to backward states like Uttar Pradesh, West Bengal, Bihar, Odisha and in the North-East to progress.

The government launched the GST on June 30 midnight, implementing it from July 1, 2017 onwards. But not anymore as one of the monumental tax reforms a.k.a Goods and Services Tax (GST) has been pronounced by the Prime Minister of India, Shri Narendra Modi.

Finance Minister Arun Jaitley called GST an "important achievement for the entire country".

Now, farmers have enough reasons to cheer as the Goods and Services Tax (GST) Council on Friday slashed the rate on fertilizer from 12 per cent to 5 per cent, a move to reduce the burden on farmers.

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The sports minister further said that both Nation could co-host the ski resort even with Jang Woong, who is the delegate of North Korea to the IOC.

On the basis of the global experience, the RBI listed some of the risks that GST may bring to India in the new taxation regime.

He went on to add, "It is not just a financial reform, but a social reform too". This path we have chosen is not one party or one government's.

"I also met the Chief Ministers of Gujarat, Bihar, Andhra Pradesh and Maharashtra a number of times".

"This is the top 1 per cent economic strata of the society, which says they don't know how to operate computer and hence I do not want to pay tax", Arun Jaitley said. "It has pleasantly surprised everybody by completing its task on time", the President said.

An executive for logistics company Rivigo in Mumbai, who declined to be named, told AFP clients had asked them to ensure that the goods reached their warehouses before midnight when the new tax would kick in.

The qualitative change in tax rates was warmly welcomed at the official launch of GST at the headquarters of a trade body at Red Hills here on Saturday.

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