Srinagar, June 21: Jammu and Kashmir Assembly would meet for a short duration in August to have exclusive discussion the proposed Value Added Tax regime. After introducing the Jammu and Kashmir Value Added Tax Bill 2003 in the assembly here today, finance minister M H Baig agreed to the members` suggestion that the house needed to thoroughly discuss the VAT Bill. The bill envisages replacing the sales tax with "more rational, transparent, easy to implement and trader friendly VAT". The bill also aims to create a system in which tax compliance could be better and friendly.
Based on the model draft legislation and the state`s specific requirements, vat is expected to increase government revenues.
Bureau Report