STORY: Legislative assembly of India’s northern Jammu and Kashmir state adopted a resolution on Wednesday (July 05) to implement newly launched Goods and Services Tax (GST) in its province.
The GST, launched on July 1, replaces over a dozen federal and state levies and unifying a $2 trillion economy and 1.3 billion people into one of the world’s biggest common markets.
The state assembly passed the landmark tax reform during a special session, after two days of heated discussion.
Expressing delight over the same, state deputy chief minister Nirmal Singh said the people of the Indian Kashmir would benefit from the new tax system, which could be passed on Thursday (July 6).
Meanwhile, shutdown was also observed on a call given by Kashmiri traders as they claimed the GST would curtail the fiscal autonomy of the state.
The state enjoys a degree of autonomy guaranteed by Indian constitution.
The long-awaited GST has been hailed as India’s biggest tax overhaul since independence in 1947. It has replaced a slew of federal and state levies, transforming Asia’s third largest economy into a single market.