Kashmir State Goods Service Act Means

What is Kashmir State Goods Service Act?  

 

Kashmir State Goods Service Act

The details about Kashmir State Goods Service Act are explained here.

Jammu & Kashmir will have to pass special laws to be able to implement the Goods and Services Tax as its current Constitutional status does not mandate the applicability of the new indirect tax reform in the state.

The Central-GST (CGST) and Integrated-GST (IGST) Bills, introduced in the Loksabha as part of last legislative exercise in Parliament before the tax regime is rolled out from July 1, extend to the whole of India expect J&K.

While service tax is levied all over the country since 1994, it is not applicable in J&K. The state levies its own taxes for services provided in the state.

This is because Article 370 of the Constitution grants special autonomous status to the state and Parliament of India has power to make laws only on defence, external affairs and communication related matters of the state.

As a result, once CGST and IGST bills are passed by Parliament, the J&K Assembly will have to pass a legislation saying the two laws are applicable to them, official sources said.

This approval by the state assembly will be in addition to the requirement of all states to approve the State-GST law.

Once J&K Assembly passes the laws, the Union Government will have to amend CGST and IGST laws and delete the phrases that they do not apply to the state, sources added.

 

Deletion of the phrase will make the laws applicable to the state.

A separate law for levy of cess on select goods to make up for a kitty to compensate states for any loss of revenue in first five years of GST rollout extends, however, to whole of India including Jammu and Kashmir.

The approval by Parliament and state assemblies to these laws will pave the way replacing the current patchwork of national, state.

The approval by Parliament and state assemblies to these laws will pave the way replacing the current patchwork of national, state and local levies with a single, unified value added tax system and integrating India as one market.

The CGST bill will amalgamate all the indirect central government levies like sales tax, service tax, excise duty, additional customs duty (Countervailing Duty), and special additional duty of customs, surcharges and cesses.

This post describes about Kashmir State Goods Service Act.   Comment below your thoughts about this post Kashmir State Goods Service Act.

 

 

 

 

Learn Exports Imports Free, Click here

Click here to know GST rate of your goods or service

GST on short supplied goods and services by nature

Impact of GST on imports in India

Applicable import duty after GST implantation

How to calculate IGST under imports?

Changes in IEC after GST

Linking IEC with GSTIN in customs

Import under EPCG after GST

GST on imports by EOUs and SEZs

Changes of operation of SEZ

Does CVD exists under project imports?

Baggage clearance after GST implementation

Refund of SAD paid on imports

Effect of GST on consumer farmers

What is Economic Exigency under GST

Term economic barrier under GST

E-Commerce Operator under GST

What is E ledger under GST

GST exemption on services by way of admission to events

Meaning of demand and recovery under GST

Term deemed registration under GST

Term debit notes under GST

What is Dashboards under GST

Transhipment - A redefinition

Triangular shipment

Types of Insurance Documents

How does CENVAT Credit work?

Import General Manifest (IGM)

Importance of Bill of Lading

Is Airway bill a documents of title?

Is Customs House Agents (CHA ) required to be appointed mandatory?

 Is DP terms of payment safe in export business?

Is Letter of Credit LC safe for an Importer?

 Is ON BOARD CERTIFICATE required for LC negotiation

What is VACIS exam in US import customs clearance

When can an exporter release bill of lading from shipping company?

Registration required to export from Finland

Documents needed for Finland import

Import Customs processes in Finland

Import Registration and import Licence procedures in Finland

How to export from Egypt?

How to Import to Egypt?

How to import to India from Egypt?

How to export from India to Egypt?

Documents required for Export from Egypt

Customs procedures for Egypt Export

 


Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers