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| ICC Jammu welcomes new GST reforms, calls it a progressive step while flagging revenue concerns for J&K | | |  Early Times Report
JAMMU, Sept 4: Rahul Sahai, Chairman of the Indian Chamber of Commerce (ICC) Jammu, welcomed the recent GST reforms announced by the Central Government, calling them "progressive and timely," especially with the festive season around the corner.
Rahul Sahai said, "These reforms will bring relief to the common man as the prices of several daily-use items, medicines, televisions, cars, and festive season products will come down. With Diwali approaching, this is indeed a very good and people-friendly step by the Government of India."
At the same time, he highlighted the specific concern for Jammu & Kashmir, stating that the UT may face an estimated revenue loss of around ?1000 crores(Approx) annually as a result of these reforms. "J&K is already a revenue-deficit state, and this reduction may further widen the gap. However, we remain hopeful that increased consumption in our state will help bridge the revenue shortfall and bring us closer to last year's figures."
Calling the reforms a balanced and positive move, Mr. Sahai further added, *"A lot of essential items including medicines becoming cheaper is a welcome relief for citizens. We are also waiting for the fine print of the reforms, which are expected to be implemented later this month. Overall, this is a progressive and forward-looking step taken by the Government."* |
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