The lok Sabha on Wednesdayy passed two Bills extending Central GST and Integrated GST to Jammu & Kashmir, with Finance Minister Arun Jaitley saying the step will ensure greater economic integration of the state with rest of the country.
He asserted that special status of Jammu and Kashmir was "never meant to create economic impediment" as he maintained that the GST is in the larger interest of traders and consumers of Jammu and Kashmir
The Central Goods and Services Tax (Extension to Jammu and Kashmir) Bill and the Integrated Goods and Services Tax (Extension to Jammu & Kashmir) Bill passed by the House by a voice vote are aimed at giving effect to the formal amendments required in Central GST (CGST) and Integrated GST (IGST) Acts by removing the exemption that was carved out for J&K.
Replying to a debate on the bills, Jaitley said it was a positive step that Jammu and Kashmir has been integrated with GST and the dream of one tax regime is now met.