J&K OKAYS GST, CHAOS MARK THE 1ST WEEK
The Jammu and Kashmir Legislature on Wednesday cleared the Goods and Services Tax (GST) Bill, which finally unified entire India into one market without state borders. The Bill was cleared amidst protests by the Opposition parties.
The first week of the GST was marked by confusion among people and traders. While people did not know whether they would end up paying more, most small traders and manufacturers appeared to have no clue about which tax slab their products would fall in. For some, VAT still existed as they issued bills with old VAT rates.
Some traders did not pass on GST benefits to the consumers forcing the Central and state governments to warn them of severe action under anti-profiteering clauses in the GST Act.