J-K Assembly to discuss GST implementation from July 4

A special session of the Jammu and Kashmir Assembly will be held from July 4, to discuss the implementation of the Goods and Service Tax (GST) in the state.

The session is being held to build consensus over the implementation of GST in the state.

Earlier, Jammu and Kashmir Minister of Finance Haseeb A Drabu said the State Government will factor in constitutional, legislative, administrative and institutional issues distinct to the state, while implementing the GST Bill in the State.

"Apart from safeguarding the special constitutional position of Jammu and Kashmir, we will also factor in administrative, legislative and other safeguards under the new tax regime," Drabu told the media.

Drabu said the Government has been discussing the new tax regime at various levels to build broader consensus before bringing Jammu and Kashmir under the ambit of GST regime.

He explained in detail the benefits of the new tax regime for which all the states except Jammu Kashmir have given nod and would be applied from July 1, adding that the biggest beneficiaries of this tax regime would be the consumer, and the consumer states will be benefitted the most, instead of manufacturing states getting the cream under Sales Tax and VAT regimes.

Drabu termed apprehensions regarding GST as false, adding a false perception is being created among people regarding the new tax regime.

The GST, which is slated to be rolled out on the midnight of June 30, will bring the Indian economy under a single tax bracket.

The GST is said to be extremely beneficial to consumers, as it will bring down the price of goods and curb inflation.