The Legislative Assembly today passed a Bill to amend the Jammu and Kashmir Motor Spirit and Diesel Oil (Taxation of Sales Act, Svt.2005 (1948 AD).
The amendment Bill was moved in the House by the Minister for Finance, Dr Haseeb Drabu.
The Bill envisages bringing Air Turbine Fuel (ATF) and Natural Gas, presently out of the purview of SGST Act-2017, under the ambit of Jammu and Kashmir Motor Spirit and Diesel Oil (Taxation of Sales Act, Svt.2005 (1948 AD).
Explaining the statement of objects and reasons, the Finance Minister, said the move would ease out the business compliance as also reduce the cost of collection of these taxes and would also ensure that all petroleum products will fall under the single legislation.
After thorough discussions, the Bill was passed through voice vote. GKNN