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GST meeting: Arun Jaitley thanks J&K govt for 'outstanding arrangements'

Tax slabs for services, commodities to be determined in the GST Council meet in Srinagar

IANS  |  Srinagar 

Arun Jaitley
Union Finance Minister Arun Jaitley arrives to attend the 14th Goods and Services Tax (GST) Council at SKICC, in Srinagar on Thursday. (Photo: PTI)

Union Minister on Thursday thanked the government for "the outstanding arrangements" made for the Goods and Services (GST) council meet that began in

The 14th Council meet chaired by Jaitley began on Thursday morning.

Ministers, Secretaries and taxation officials of various states and union territories participated in the meeting where slabs for services and commodities would be determined for the entire country.

The council meeting began with a two-minute silence as a tribute to Union Environment Minister Anil Madhav Dave who passed away in New Delhi.

When the council started its deliberations for the day, Jaitley thanked state Finance Minister Haseeb Drabu for making arrangements for the final leg of the council meet.

Jaitley assured the state government that the centre will extend all possible help in restructuring the GST implementation for while respecting the special status of the state.

He said the common people would have many benefits of the GST as it would decrease the cascading effect of taxes.

"Importing states like will have huge benefit. As per our estimate, we will have Rs 1,500 crore to Rs 2,000 crore profit in revenue.

"Prices will go down for the common people in the coming three years," he said.

The Finance Minister said the GST is perhaps India's largest and most significant tax reform.

"It is a change in tax regime itself. And today to my mind this is the most important meeting because there is lot of public interest in it, like what taxes you have on salt, on cigarettes, on ships, so it affects the general public. So it is a very important meeting and perhaps it is towards the concluding part of the GST council", he said.

Drabu said the state government would introduce a bill in the state assembly in its next session to implement the GST.

"We will go into the GST regime but we will try to make some changes because of our special constitutional position", Drabu said.

First Published: Thu, May 18 2017. 17:31 IST