Today will be marked as an important day in the history of GST. The Union Finance Minister along with the State Finance Ministers and other dignitaries of 29 states plus three union territories will be present in Srinagar today. The state of Jammu and Kashmir will witness the rise of federal India as the most crucial meeting pertaining to GST is going to be held there. The venue has been very strategically decided and it is being perceived as a political statement to bring peace as since the past few months J&K has been observing violence and protests.
The Finance Minister of Jammu and Kashmir, Haseeb Drabu, said,”We might be behind the schedule, but we will take it to assembly and get the GST law passed, most probably in the last week of June. We will try our best to work out a system which is in consonance with the regime and also protect domestic investors.” “As of now we are protected with the compensation clause. In the base year, we along with few other states, the exemptions we have given, have been monetized and put. The state will grandfather its exemptions and centre will do it as well,” further added Drabu.
This two-day long meeting is crucial for GST Council as they would be deciding upon the tax rates which are currently segregated into four brackets: 5%, 12%, 18% and 28%. GST will come into action on July 1 and this meeting is being held to take a concluding decision on the new tax regime along with finalising the different rates of various goods and services that fall under the purview of GST.
The esteemed Finance Minister has proposed to bring real estate and power under the umbrella of GST. In addition to this, he is thinking on the lines of starting a tourist refund system.
Along with army, other security forces have been deployed. All the arrangements pertaining to safety of the attendees have been made in Sher-e-Kashmir International Convention Centre which were duly reviewed by the Finance Minister Haseeb Drabu himself.