New Delhi: The state government of Jammu and Kashmir will seek to pass the Goods and Services Tax (GST) Bill bill in the legislative assembly within the next 30 days, said finance minister Haseeb Drabu.
"We will seek to pass the GST bill in the next 30 days. It will be very beneficial for state of Jammu and Kashmir and we estimate that our tax revenue will increase by Rs 1,500 crore to Rs 2,000 crore," Drabu said on Thurday, reported PTI, before the two-day GST Council meeting began in Srinagar.
As there will be no cascading effect of taxes, importing states like J&K stand to benefit from the GST, he said and added that it will result in fall in prices of commodities.
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J&K which is the only state enjoying special taxation powers, will make necessary changes to pass the GST bill, which is billed as the biggest tax reform in the history of independent India, Drabu said.
"We are thinking about it," said the minister when asked about his government's plan to bring real estate under GST.
On GST, the Mehbooba Mufti government is keen to indicate the preparedness of the state to be part of the emerging national narrative and state government has already moved on initiatives like a January-December financial year and a universal benefits policy.
On Wednesday, J&K Finance Minister Haseeb Drabu reviewed arrangements for the GST council meet.