J&K Minister for Finance & Ladakh Affairs briefs Union Fin Min

Srinagar: Urging the Central Government to address all the genuine concerns of various states regarding introduction of GST, a new tax regime proposed to be implemented throughout the country, J&K Minister for Finance & Ladakh Affairs, Mr Abdul Rahim Rather said that all the states are willing to implement GST provided their concerns are adequately addressed.

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Interacting with Union Minister for Finance, Mr. Arun Jaitely during his recent visit to Union Capital, in connection with a scheduled meeting of the Empowered Committee of state Finance Ministers of the country, Mr Rather briefed in detailed to the Union Finance Minister about the concerns of various states regarding the introduction of GST and strongly pleaded for their resolution so that decks are cleared for the rolling out of the new tax regime.

Mr. Rather said that the Empowered Committee has arrived at a consensus about an independent mechanism for compensation of revenue loss, if any, caused to state as a result of implementation of GST and provision of a constitutional guarantee in this regard.

Enumerating other issues, Mr. Rather said that the states want to keep petroleum products outside the preview of GST, adding that the states don’t want to subsume Entry Tax in GST as this would dry the Local Bodies of the very important resource. He said EC of State Finance Ministers has also recommended that the share of Government of India in the GST on supplies in the course of interstate trade and commerce as determined by the law, should also be subject to devolution to the states as per the Finance Commission formula.

Mr. Rather thanked Union Government for having accepted many of the recommendations of EC made in its Shillong meeting held in November-2013 and expressed his gratitude that the revised draft of the Constitutional Amendment Bill has accommodated most of the points raised earlier by EC. Mr. Rather strongly pleaded in the meeting with the Union Finance Minister that while implementing GST in J&K, the special position of the State guaranteed under the Constitution of India should not be tampered with.

The Union Finance Minister assured the Empowered Committee that Government of India was keen to sort out all the issues so as to set the GST rolling.

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