"We will go into the GST regime".
The GST Council, the apex decision-making body for the new tax, has fixed the tax framework under the Goods and Services Tax (GST) which is to be rolled out this July 1.
The GST will be a national sales tax that will be levied on consumption of goods or use of services.
Also, fitment or tax rate for telecom and insurance sector will be decided between today and tomorrow, he said. The tax rates will be decided in a fashion to keep their impact on inflation and revenues to the government near neutral.
"IBA hopes for reconsideration of the rate of cess on aerated drinks besides having a lower rate for non-sugar sweetened drinks, nutrition beverages and aerated beverages that contains fruit juice and expects a positive outcome from the government", it said. "Gold is a luxury product".More news: Irish Prime Minister steps down as leader of ruling Fine Gael party
Many members of the assembly expressed their ignorance on the Bills and said they have not gone through the contents and ascertained whether the state will benefit after passing of the bills. What is the principle or idea of tax being imposed on it at 1 per cent rate?
Jammu and Kashmir is the only state in the country that has a constitution of its own which is applicable here concomitantly with the Indian constitution.
Under it, C-GST will be levied by the Centre, S-GST by states and I-GST on inter-state supply of goods and services.
Unveiling a workshop organized by the Finance Department here on Wednesday for educating MLAs on the benefit of single taxation, Chief Minister Naveen Patnaik said GST is a major financial reform which would transform the country into one single market. "As Jammu and Kashmir enjoys special constitutional position, the state will bring some changes when it enacts its law to integrate its indirect tax regime with other states", he said, indicating that real estate in the state may be included in GST.