Omar Abdullah, Minister Jammu and Kashmir (J&K), warned Omar Abdullah 3.
Abdullah said that if the proposed GST reforms were introduced, the revenues of trade unions (UT) could drop by 10-12 percent and could add to the economic “collapse” from the terrorist attack of Pahalgam, he added.
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Reforms GST: What did Omar Abdullah say?
In his written speech he spread to the 56th meeting of the GST Council, Minister of Cm and Finance J&K K called to establish suitable mechanisms to ensure fiscal stability of states and UT.
“The main industry of the economy such as tourism, transport, construction, cars, stopped after an internship for April 2025. The proposed reform can further reduce our GST revenues by 10-12 %. Therefore, the Minister of Finance for Jammu and Kashmir, I said critical,” said, “said,” said, ” He said, “he said,” he said, “he said,” he said, “he said,” he said, “he said,” he said, “he said,” he said, “he said,” he said, “he said,” he said, “he said,” he said, “the states and UTS.
He emphasized the destructive impact of the event on the economy of the region and called on the center to settle the situation, especially with regard to the proposed rationalization of GST.
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“Reforms must consider the unique challenges facing states/ UT”
“We can continue to design the rationalization of the rate and at the same time invent a mechanism for compensation of states/UT for their fiscal stability and creating guarantees to convert the benefits of rationalization in reduced prices for the masses of our country,” he said.
Abdullah said that GST reforms must consider the unique challenges facing individual states and UT.
In more detail, as the local economy gained renewed strength than it was “shocked” by the “incident of Pahalgam” in April 2025. These events and its consequences brought the main economic sectors – including tourism, crafts, horticulture and agriculture.
The Chief Minister also called on the Minister of Finance of the Union of Nirmal Sitharaman- in the GST main council to deal with the “geopolitical challenges” that the Earth faced, and serious fiscal pressures on its region after a terrorist attack.
He spoke of a substantial loss of jobs and businesses and a decline in public income. The industry of tourism, transport, construction and cars has been seriously influenced and the departure of non-blocked workers slowed the development of infrastructure.
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Fiscal problems J&K: “Economic activity has been poorly affected …”
After the incident of Pahalgam, Abdullah said UT was facing serious fiscal challenges because his income had fallen significantly.
In J&K, he said that the enthusiastic participation of people was witnessing parliamentary and collected elections last year, but just when the economy began to recover, there was an incident Pahalgam.
“Today, all sectors of economic activities, including tourism, crafts, horticulture and agriculture, have been seriously influenced. The years of infrastructure projects slowed down,” said the main minister.
The main minister fully supported the two -stage (5 and 18 %) design of the GST structure and stated: “My main problem is how we ensure that this rationalization alleviates the burden of an ordinary person and makes these specific goods and services more accessible to the masses of our country.”
“These often lead to classification disputes, inverted structures of the duty and complexity of compliance. The recommendations of the ministers and the Union proposal deal with these distortion to a large extent and strive to minimize such aberrations.
“We need to have systemic warranties to assure us that the proposed rates changes result in the main benefits for consumers and are not contrary to the chain. There should be no room for profit from this rationalization of the rate,” Abdullah said.
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Omar Abdullah notes geopolitical challenges
The Chief Minister also affected national economic issues and noted that the country’s growth route was “suddenly questioned by geopolitical challenges” and also pointed to the “capricious trade policy of the colonial era”, which could limit India’s access to 20 % of the global market, affecting thousands of industries such as agriculture. jewelry.
He claimed that the GST, presented in July 2017, remains the most ambitious federal tax reforms in India’s fiscal history, said several steps and initiatives in the tax structure, administrative mechanism and technological limit were taken to improve the efficiency and mobilization of GST, and to facilitate tax services traders.
“Last year there was no way for Jammu and Kashmir and for the whole nation but at the national level we see that our growth route suddenly attacked geopolitical challenges. Our economy is constantly accelerating the growth speed of 6-7 %.
“Our Forex reserves have increased to $ 660 billion in the last two decades. But today we are looking for our market approach has been seriously limited by the capricious trade policies of the colonial era,” he said.
The main minister said that these policies would get rid of about 20 percent of the global market and seriously affect thousands of workers and entrepreneurs in agriculture, crafts, maritime products, gems and jewelry.
(Tagstotranslate) GST Council Council
