Srinagar: Union Finance Minister Arun Jaitley today assured the J&K Government of extending all possible help in restructuring the Goods and Services Tax (GST) implementation for Jammu and Kashmir while respecting the special status of the state under Article 370 of the Constitution.
“Center will extend all possible help in restructuring the GST implementation for Jammu and Kashmir while respecting the special status of the state,” Mr Jaitley promised the state government.
The 14th GST Council meeting, which is headed Mr Jaitley, kick started today at S K International Conference Centre (SKICC) on the bank of world famous Dal Lake. Finance ministers and officials from 32 states are attending the meeting which is expected to finalise the fitment of each good or service in the four tax rate slabs – 5 per cent, 12 per cent, 18 per cent and 28 per cent. The GST, which will replace a plethora of central and state taxes, subsumes a slew of indirect taxes across the country into one unified tax.
As soon as the meeting started, Mr Jaitley informed the gathering about the sad demise of Union Environment Minister Anil Madhav Dave who passed away today at the age of 60 at his residence in the national capital.
The meeting observed two minutes silence in remembrance of Mr Dave.
He complimented the state Finance Minister Dr Haseeb A Drabu and the state government for making outstanding arrangements for the final leg of the GST Council before the law is rolled out on July 1 this year.
Dr Drabu said the historic meeting will make Jammu and Kashmir part of the economic history aimed at reordering the country’s federal polity, “We are now part of the national policy making which will be recorded in the history,” he said.
Earlier, Mr Jaitley met Chief Minister Mehbooba Mufti here this morning. Ms Mehbooba discussed with the union Finance Minister the process of fund flow to the State, particularly under the Prime Minister’s Developmental Plan (PMDP) and sought timely and periodic release of funds under the plan.
The Chief Minister apprised Mr Jaitley of the huge losses suffered by local business units, particularly the ones started by young entrepreneurs, during the unrest of last year and sought restructuring of credit facility to them.
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