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J-K govt to benefit from GST, will seek its passage in a

Press Trust of India  |  Srinagar 

will seek to pass the Goods and Services (GST) Bill bill in the legislative assembly within the next 30 days, state minister Haseeb Drabu said today.

"We will seek to pass the bill in the next 30 days. It will be very beneficial for state of and we estimate that our will increase by Rs 1,500 crore to Rs 2,000 crore," Drabu told reporters before the two-day Council meeting began here.

He said importing states like J-K stand to benefit from the as there will be no cascading effect of taxes, resulting in fall in prices of commodities.

He said J-K, which is the only state enjoying special taxation powers,will make necessary changes to pass the bill, which is billed as the biggest reform in the history of independent

Asked about his government's plan to bring real estate under GST,Drabu said, "We are thinking about it."

GST, which will replace a plethora of central and state taxes, is a consumption-based levied on sale, manufacture and consumption on goods and services at a national level.

Under it, C-will be levied by the Centre, S-by states and I-on inter-state supply of goods and services

Different indirect taxes of central excise duty, central sales CST and service are to be merged with C-while S-will subsume state sales tax, VAT, luxury and entertainment

Earlier, Punjab minister Manpreet Singh Badal had said people of his state would welcome the

Badal said financial autonomy of the states would mean nothing if the goals of poverty eradication, employment generation and curbing corruption were not met.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 18 2017. 12:22 IST