14
Thursday
December 2017
6:53 PM IST
News Headlines
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | About Deepika 
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.


US dollar ends lower against rupee
Stocks start with caution, macro data ahead
Govt in talks with Singapore for cruise connectivity: Gadkari
Sensex zooms 195 pts on strong global cues
Bitcoin drops after dramatic gains ahead of futures launch
Market takes a poll position, Sensex surges 301 pts
'Exports from Rajasthan to increase three-fold by 2022'
Ensure job creation with focus on rural unemployed: Mukherjee
China Development Bank Files Insolvency Plea Against Reliance Telecom
Sensex down 100 pts as RBI policy decision looms
Sensex ends lower ahead of RBI policy call
Sensex recovers 140 pts on positive GDP data
US dollar ends higher against rupee
Fiscal deficit crosses 96% of FY18 target at Oct-end
Gold slumps Rs 120 on lacklustre demand, global cues
Achieving 10pc growth rate is challenging: Jaitley
Sensex gains 68 pts in early trade on global cues
Bitcoin hits new record high of $9,687, up almost 20% since Friday
Reliance resumes JioPhone sale, starts round 2 of phone war
Sensex drops 107 pts as S&P keeps sovereign rating unchanged
KERALA NEWS
LDF govt is honoured: Pinarayi Vijayan
 (Thiruvananthapuram, Dec 14, 2017, DG): The LDF government feels honoured today, Chief Minist  
Rahul consoles fishermen at Poonthura and Vizhijam
Unni to produce more evidence in threatening case
Judges are spineless: Advocate Aloor
INTERNATIONAL NEWS
'Candidate Putin' makes first appearance at annual press conference
 (Dec 14, 2017, AFP): Russian President Vladimir Putin kicked off an annual press conference T
China, S Korea leaders to discuss N. Korea nukes
Lanka becomes 163rd nation to accede to landmine ban treaty
Trump promises 'giant tax cut' as 'Christmas gift' to Americans
NATIONAL NEWS
Actor-writer Neeraj Vora dies at 54
 (Mumbai, Dec 14, 2017): Bollywood actor, writer and director, Neeraj Vora, known for films su
EC acting like BJP's puppet, PM's 'roadshow' violation of code: Congress
UP Council adjourned amid uproar
Chidambaram raps EC for issuing Rahul show cause notice
Untitled Page
Rashtra Deepika LTD
Copyright @ 2017 , Rashtra Deepika Ltd.