Implementation of GST will bid farewell to the different indirect taxes that are currently applicable in the country.
Joykumar Singh, who is also in charge of Finance, said the new tax regime going to be rolled out across the country from July 1 this year will also benefit the state in many ways.
The uniform tax regime will mend the loopholes in tax collection avenues and also cover the tax revenue lapses, he said.
He said GST which is the consumer based tax will benefit the people since it is transparent and many taxes will be absorbed by this tax.
During the 14th GST Council Meeting held at Srinagar on May 18-19, the Deputy Minister had proposed to keep the handloom sector at 0% tax slab which is the lowest among the five different tax slabs in GST.
On the indigenous dried fish (ngari), he said the Council decided to impose 5% GST on coastal marine dried fish and therefore the indigenous dried fish may also fall under this tax slab. All farm products will be levied 0% GST, he informed.
The Deputy Chief Minister stressed on the need to extend cooperation from the people in implementation of the new tax regime.