Attacking Congress for not taking any reform agenda seriously during their regime, Jaitley said that since 2004 to 2014 no major reforms were initiated.
Officials said that another session of legislature would be held from July 4 to allow members to speak on the issue so that GST is implemented after addressing the concerns of the people of the state, particularly opposition and traders who are up against it. "However, keeping revenue neutrality in mind, the Government can not lower tax revenue by too much so that it doesn't itself have enough income to meet its needed expenditure".
"In case the GST is not extended to the state, the businesses will be crippled as no trader from Jammu and Kashmir will be able to do business with their counterparts from other parts of the country".
In less than two days, the country undergoes a radical shift in taxation through the Goods and Services Tax (GST).
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In a statement issued after the vote, Trump urged the Senate "to take up these bills, pass them, and send them to my desk". Goodnow also said that even if the law were passed, its fight would be "far from over".
The consultative committee meeting held threadbare discussions over the legal, legislative, financial, economic and administrative aspects of the Goods and Services Tax (GST) regime with the chairman explaining in detail the nuances of the new tax regime.
Union Finance Minister, Arun Jaitley asked the representatives of Trade and Industry to ensure that all benefits arising due to the implementation of GST from July 1, 2017, are passed on to the consumers in a transparent manner.
The government, apparently in its quest to roll out GST without any further impediments, agreed to a tax rate of 3% on gold under GST, which is lower than the lowest tax slab of 5%, and is closer to the current tax incidence of about 2%. "Every Congress Chief Minister supported the GST". Even after, remaining apprehensions would be removed through finance ministers of state in GST Council.
While talking to media persons, President of Traders Federation, Rajesh Gupta threatened to continue their struggle till GST is implemented in their state with amendments. He added, "Besides, it will entail amending Section 5 of J&K Constitution which can't be done".
"A more efficient system leads to larger compliances", the finance minister said.
According to Drabu, non-implementation of GST in J&K will likely have fallouts. However, the President may, with the concurrence of the state government, extend other central laws to the state and apply amendments made in the Constitution of India to J&K.