Union Finance Minister urges CM Membooba Mufti Sayeed to implement GST in the State
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The Finance Minister pointed out that this is so because the goods and services tax is a destination based tax. To ensure this an Integrated goods and services tax(IGST) shall be levied on all supplies of goods and services made in course of inter State trade or commerce. Under GST, any dealer of goods or service purchasing such supplies from any other State pays IGST to the seller but is able to take credit of this IGST so paid in subsequent sales. The Finance Minister has mentioned that if the State of Jammu and Kashmir does not join GST on 1st July, 2017, for all purchases made by the State from other States after 1st July the dealer shall not be able to take credit of this IGST which shall get embedded into the price of purchased good or service, leading to cascading of tax and increase in price of the said good or service for the final consumers in Jammu and Kashmir.
Similarly, in case of goods or services sold from Jammu and Kashmir to other States, the buyer in State purchasing from Jammu and Kashmir shall not be able to take credit of the local taxes paid to dealer making the sale, which shall increase his cost of purchase through embedding of such taxes in the price. This shall put the trade and industry in the State of Jammu and Kashmir at a competitive disadvantage.
The Finance Minister has finally urged the Chief Minister to take all necessary steps to introduce GST in Jammu and Kashmir on 1st July, as any delay in the same would create a disadvantage for both, the consumers and the industry of the State in the intervening period. #casansaar (Source - PIB)
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