The CGST (Extension to Jammu and Kashmir) Bill, 2017, would provide for levy of the GST on goods sold and services rendered in the state.
The Cabinet approved a draft bill to replace ordinances that were promulgated to introduce GST in Jammu and Kashmir.
The buying and selling of second hand goods will not attract GST if sold at a price cheaper than the purchase price.
The Finance Ministry has started notifying various provisions of law relating to interest calculation, input tax credit and valuation.
"It is important for them to understand the finer points of the new tax regime in order to explain the same to the people," Jaitley said.
The Central GST Act says that 'advance ruling' can be obtained in relation to the supply of goods or services or both being undertaken by a taxpayer.
Prez has given assent to four key legislations on GST, paving the way for the roll out of one-nation-one- tax regime from July 1.
Adhia will reach Guwahati on April 13 where he will meet the state govt officials to review IT preparedness for GST.
A day after Parliament cleared the decks for the GST system, the Congress dubbed it "anti-common man" and not what the party had desired.
Arun Jaitley and other officials hailed the passage of four GST Bills in the Lok Sabha as a milestone in economic history of the country.
SBI LIFE INSURANCE
Subscribed 0.6, Day 3
A2Z INFRA ENGG
To Issue Rs 8 Cr Shares adding up to Rs 850 Cr
Issue amounts to 74% of Total Debt
Issue for one-time settlement to lending banks
To pay Rs 17.50 Cr in cash
To issue shares worth Rs 25 Cr
Total SICOM Debt outstanding at Rs 114.28 Cr
KNR CONSTRUCTION JV
Bags order worth Rs 884.47 Cr from Govt Of Telangana
Approves Allotment Of 3.35 Cr Shares Pursuant To QIP
Fresh Issue: 2.23 Cr
OFS: 1.11 Cr