Cabinet approves Central, Integrated GST (Amendment) Bills, 2017

The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday rendered its ex-post facto approval for the promulgation of the Integrated Goods and Services Tax (Extension to Jammu and Kashmir) Ordinance, 2017 and replacement of the Ordinance by the Integrated Goods and Services Tax (Amendment) Bill, 2017.

The Cabinet also gave its nod to the Central Goods and Services Tax (Extension to Jammu and Kashmir) Ordinance, 2017 and replacement of the Ordinance by the Central Goods and Services Tax (Amendment) Bill, 2017.

With this, the provisions of both the CGST and IGST acts have been extended to Jammu and Kashmir.

The Ordinance was promulgated on July 8, and aforementioned bills will be tabled in the current session of the Parliament.

 

After relentless debates and persuasion, the Jammu and Kashmir Assembly on July 5 passed the Goods and Services Tax (GST) resolution.

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.

"Jammu and Kashmir will reap benefit from it because it is a consumer state and a consumer state is to get maximum benefit from the GST," Singh said.

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 consumer, trader, and the industrialist will be benefitted by the GST. Discussions took place in the legislation, and on the basis of that we will send it for the Presidential order. Thereafter only will we pass the state GST," he said.

Bharatiya Janata Party (BJP) leader Ravinder Raina opined the same, saying that Jammu and Kashmir will benefit the most from the GST.

The new taxation regime was rolled out on the stroke of midnight of June 30, in the presence of Prime Minister Modi, President Pranab Mukherjee, Finance Minister Arun Jaitley and other dignitaries and senior members and politicos.