J&K Launches ‘GST 2.0’ Tax Rationalization, Adopts 7-Step Protocol for Consumer Benefit
New Two-Tier Tax Structure
The Jammu and Kashmir government has rolled out the next-generation GST 2.0 reforms, effective September 22. The previous four tax slabs of 5%, 12%, 18%, and 28% have been rationalized into a simpler two-tier structure of 5% and 18%. This major change is anticipated to result in reduced prices for 99% of daily use items.
7-Step Protocol for Compliance and Consumer Welfare
To ensure the smooth implementation of the tax cuts and that benefits are passed to consumers, the administration has implemented a strict 7-step consumer benefit protocol:
- Policy Communication: Advisories are being issued to trade bodies for clarity and compliance.
- Awareness and Capacity Building: Organizing webinars, publishing brochures, and launching media campaigns to spread knowledge about the changes.
- Monitoring and Documentation: Collecting invoices and voluntary price declarations to ensure reduced rates are accurately reflected in the market.
- Enforcement: Intensifying market surveillance and putting Legal Metrology teams on strict check to penalize overpricing and monitor MRP revisions.
- Inter-Departmental Coordination: Departments like Health & Medical Education are conducting surprise inspections to ensure tax cuts on medicines and services reach patients.
- Citizen Support: Establishing GST Suvidha Kendras and helplines in every district to assist taxpayers with compliance and grievance redressal.
- Review and Reporting: The final step involves a structured process for reviewing the implementation and reporting the outcomes.
Source:- business-standard