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Saturday
July 2018
11:17 AM IST
News Headlines
Third party insurance for two, four-wheeler be made mandatory: Supreme Court        Supreme Court stays Madras HC order awarding extra marks to NEET Tamil candidates        Trump invites Putin to White House in the fall        Zimbabwe vs Pakistan: Fakhar Zaman scores double century in record partnership with Imam-ul-Haq to breeze past hosts        Modi Govt Gets AIADMK Boost as No-Trust Vote Turns Into Show of Strength for 2019        IOC adds 7 medal events to 2022 Beijing Winter Games program        Indian outplay New Zealand 4-2 in hockey series opener        Samsung, Xiaomi corner 60 pc share of India's smartphone mkt in Q2: Canalys        Indo-Pacific must be free, open and and inclusive region: Swaraj        Indian man shot dead in Canada, two suspects arrested        Trump says looking forward to 'second meeting' with Putin        Mob-lynching cases: Govt asks WhatsApp for solutions beyond labelling forwards        Unidentified 'intruder' killed at Indo-Pak border: official        Oppn, Govt brace for no-trust vote today; BJP confident of win, Cong says issue not just of numbers        Centre Forcing AgustaWestland Middleman To Frame Sonia Gandhi: Congress        We were clinical, says England captain Eoin Morgan        Growth has been solid, hope Olympiad will demonstrate it: Anand        Govt working on another verison of UDAN, says Sinha        Talks on between India, Singapore for cruise tourism: Gadkari        'Not too late to save Brexit': ex-foreign secretary Johnson        
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Business News
Jaitley introduces 2 bills in LS to extend GST to J-K
 
New Delhi, Jul 31 (PTI) Finance Minister Arun Jaitley today introduced in the Lok Sabha two bills that would extend the Goods and Services Tax (GST) regime to Jammu and Kashmir.

The Central Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017, would provide for levy of the GST on goods sold and services rendered in the state, while the Integrated Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017 seeks to levy the tax on inter-state movement of goods.

Jaitley introduced both these bills in the Lok Sabha.

While the GST, which replaced more than a dozen central and state levies, came into effect from July 1 all over the country, the Jammu and Kashmir assembly passed a resolution adopting the constitutional amendment only on July 5.

Thereafter, the president issued an ordinance extending the provisions to the state. This was necessary because of the special status that Jammu and Kashmir enjoys in the Constitution.

The state of Jammu and Kashmir passed the Jammu and Kashmir Goods and Services Tax Act, 2017 which came into force on July 8, 2017, the statement of objects and reasons for the two legislations said.

The Central-GST would be imposed on intra-state supplies in the state and the integrated tax on inter-sate supplies.

But with the state adopting the law, ordinances were promulgated. And now the legislations have been introduced to replace them.

As Parliament was not in session and an urgent legislation was required to be made, the president promulgated" the Central Goods and Services Tax (Extension to Jammu and Kashmir) Ordinance, 2017 and the Integrated Goods and Services Tax (Extension to Jammu and Kashmir) Ordinance, 2017 on July 8, said the statement of Objects and reasons of the two bills.

After the Central GST Act or CGST and Integrated GST Act or IGST was approved by Parliament in the previous Budget session, all the states, excepting Jammu and Kashmir, had passed legislations adopting them and a State GST.


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INTERNATIONAL NEWS
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NATIONAL NEWS
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 New Delhi: The Supreme Court on Friday stayed the Madras High Court directive to the Central Board o
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