GST implementation would make JK debt ridden: KEF

He said under GST the traders will have to pay taxes in advance before selling the products to consumers.

GKNN
Srinagar, Publish Date: May 20 2017 12:28AM | Updated Date: May 20 2017 12:28AM
GST implementation would make JK debt ridden: KEFRepresentational Pic

Opposing the implementation of Goods and Services Tax in the state, Kashmir Economic Forum (KEF) Friday said Jammu Kashmir is a consumer state which should not be bracketed at par with other states under the new tax regime.

In a statement, KEF said JK imports maximum of goods from outside the state and has minimal indigenous production.

It said GST implementation in the state would not only affect the business community but also dent the state’s economy.

KEF Chairman Showkat M Chowdhary said: “GST regime may be fruitful for other states which have large scale industries and factories “but it will only prove detrimental for the JK which is heavily dependent on imports from other states.” 

He said under GST the traders will have to pay taxes in advance before selling the products to consumers.

KEF Chairman questioned the Finance Minister Haseeb Drabu’s promise made to business community during pre-budget meetings.

“Drabu sahib categorically assured us that GST won’t be implemented under its present form in the State. We want to remind him of his promises,” said Showkat Chowdhary.

He said before implementing any tax regime, state government should take local stakeholders on board.

He also supported the popular concern of the people that GST implementation would erode financial autonomy of the State.

“The popular opinion among people in general and business community in particular is that GST implementation would only weaken state’s financial autonomy. We support such belief and we want state government to come clear on this issue before any such move on its implementation is made,” said Chowdhary.

 

Latest News

  1. Bollywood star Salman Khan in Kashmir for ‘Race 3’ shoot
  2. Bollywood star Salman Khan in Kashmir for ‘Race 3’ shoot
  1. Indo-Pak bilateral series: Ball is in BCCI's court, says PCB chief Najam Sethi
  2. Indo-Pak bilateral series: Ball is in BCCI's court, says PCB chief Najam Sethi
  1. Jammu and Kashmir: India, Pakistan trade fire along LoC in Poonch
  2. Jammu and Kashmir: India, Pakistan trade fire along LoC in Poonch
  1. If GoI can remove AFSPA from north-east, why not Kashmir, asks Mirwaiz
  2. If GoI can remove AFSPA from north-east, why not Kashmir, asks Mirwaiz
  1. Man critically injured in IED explosion in Poonch
  2. Man critically injured in IED explosion in Poonch
  1. Mirwaiz reprimands PDP member who deceitfully called on him: Spokesman
  2. Mirwaiz reprimands PDP member who deceitfully called on him: Spokesman
  1. Two officers suspended in Bandipora
  2. Two officers suspended in Bandipora
  1. Chief Minister e-inaugurates Dialysis facility at Anantnag district hospital
  2. Chief Minister e-inaugurates Dialysis facility at Anantnag district hospital
  1. 70 students detained during Baramulla clashes; will be released after counseling: Police
  2. 70 students detained during Baramulla clashes; will be released after counseling: Police
  1. FIL Industries wins prestigious national award
  2. FIL Industries wins prestigious national award
  1. Video | Won’t close tuition centres until govt ends ambiguity: Coaching centres’ Association Kashmir
  2. Video | Won’t close tuition centres until govt ends ambiguity: Coaching centres’ Association Kashmir
  1. Missing Srinagar students reunited with family: Police
  2. Missing Srinagar students reunited with family: Police
  1. BJP-RSS trying to communalise Kathua rape for 'political gains': Cong MLAs
  2. BJP-RSS trying to communalise Kathua rape for 'political gains': Cong MLAs
  1. AFSPA revoked from Meghalaya, parts of Arunachal Pradesh
  2. AFSPA revoked from Meghalaya, parts of Arunachal Pradesh
  1. Mughal road reopens for traffic
  2. Mughal road reopens for traffic
  1. SC stays proceeding against Salman for alleged remarks against a community
  2. SC stays proceeding against Salman for alleged remarks against a community
  1. Don't muzzle Constitution: Cong on Naidu's decision to reject impeachment notice
  2. Don't muzzle Constitution: Cong on Naidu's decision to reject impeachment notice
  1. Five army men injured after vehicle turns turtle in Qazigund
  2. Five army men injured after vehicle turns turtle in Qazigund
  1. Gmail users receiving spams from their own accounts: Report
  2. Gmail users receiving spams from their own accounts: Report
  1. British campaigner to sue Facebook over fake ads
  2. British campaigner to sue Facebook over fake ads
  1. Lawyer held for assaulting minor on train in TN
  2. Lawyer held for assaulting minor on train in TN
  1. BJP leader among 125 people booked for obstructing anti-encroachment drive
  2. BJP leader among 125 people booked for obstructing anti-encroachment drive
  1. Student injured as clashes erupt in Anantnag in south Kashmir
  2. Student injured as clashes erupt in Anantnag in south Kashmir
  1. VHP chief visits Ayodhya, says Ram temple will be reality soon
  2. VHP chief visits Ayodhya, says Ram temple will be reality soon
  1. Venkaiah Naidu rejects impeachment notice against CJI
  2. Venkaiah Naidu rejects impeachment notice against CJI
  1. Army fires in air to chase away protesters in Shopian; clashes in Pulwama
  2. Army fires in air to chase away protesters in Shopian; clashes in Pulwama
  1. UK scientists led by Kashmir-born doctor develop more accurate test to diagnose prostate cancer
  2. UK scientists led by Kashmir-born doctor develop more accurate test to diagnose prostate cancer
  1. Woman arrested for killing newborn daughter in Thane
  2. Woman arrested for killing newborn daughter in Thane
  1. Srinagar-Leh highway shut on fourth straight day
  2. Srinagar-Leh highway shut on fourth straight day
  1. Netanyahu accuses Iran of sending combat drones to attack Israel
  2. Netanyahu accuses Iran of sending combat drones to attack Israel