New Delhi, May 16 (KNN) The GST tax regime is expected to roll out from 45 days from now, i.e. July 1^st. While different sectors are trying to be ready for the change in taxation policy, the industry in the state of Jammu and Kashmir is apprehensive about the implementation of the GST.

Talking to KNN, Mushtaq Ahmad Wani, President of Kashmir Chamber of Commerce and Industry explained the fears of the industry. He said that the implementation of the GST may lead to huge losses on ground, due to massive unawareness among the industry operators.

He informed that GST might prove to be a disaster for the industry as the compliance norms and regulations are alien to the community that is supposed to be adapting to it in almost a month from now.

“Once the GST is implemented, the industries don’t know how to deal with the existing stocks, or the orders they took in the month of June before the implementation of the GST”. Said Wani

Wani also criticised the State government in not being able to spread awareness about the change in tax regime. He further said that the fixation rate is a very important concern, there are no considerations of the industry taken into cognizance by the state in this regard.

Wani however did welcome the GST seeing it as a landmark shift in the nature of taxes

The business body has sought appointment from Arun Jaitley, Union Finance Minister, who will be in Srinagar on May 18^th and 19^th for the GST council meeting. (KNN/ DA)