J''K Assembly Passes Budget, GST Amendment Bill

Jammu, Mar 25 (PTI) The Jammu and Kashmir Legislative Assembly on Tuesday passed the budget for 2025-26 with a voice vote, approving the appropriation bill to enable the government to utilise Rs 1.40 lakh crore from the Union Territory's consolidated fund for the upcoming fiscal.

The appropriation bill is crucial as it allows the government to withdraw funds from the consolidated fund of the Union Territory to meet its expenses for the financial year.

Chief Minister Omar Abdullah, who also holds the finance portfolio, presented the appropriation bills for fiscal years 2025-26 and 2024-25 in the assembly, both of which were passed by voice vote after their introduction.

On March 7, Abdullah presented Jammu and Kashmir's first budget in seven years, allocating Rs 1.12 lakh crore for 2025-26. He described it as a roadmap for economic growth and a reflection of the people's aspirations.

While introducing the bills, the chief minister said that the bill authorises the payment and appropriation of sums from the Union Territory of Jammu and Kashmir's consolidated fund for the services of the fiscal years 2025-26 and 2024-25.

"The Jammu and Kashmir legislative assembly enacts this bill in the seventy-sixth year of the Republic of India, exercising powers vested under the Jammu and Kashmir Reorganisation Act, 2019," it stated.

The bill authorises the expenditure of Rs 1.40 lakh crore from the consolidated fund of the Union Territory of Jammu and Kashmir for the fiscal year 2025-26.

It specifies that sums not exceeding those listed in column 3 of the schedule, amounting to a total of Rs 1.40 lakh crore will be used to cover various expenses during the fiscal year 2025-26 for services specified in column 2 of the schedule.

Furthermore, the bill states that the sums authorised by this Act to be paid and applied from the consolidated fund of the Union Territory of Jammu and Kashmir shall be appropriated for the services and purposes detailed in the schedule for the said year.

As per the recommendation of the appropriation bill for the year 2025-26, the Lieutenant Governor under the Jammu and Kashmir Reorganisation Act, 2019, recommended the introduction and consideration of the bill by the Jammu and Kashmir Legislative Assembly.

"This bill is introduced under Section 43 read with Sections 41 and 44 of the Jammu and Kashmir Reorganisation Act, 2019, to authorise the appropriation from the Consolidated Fund of Jammu and Kashmir of the funds needed to cover expenses charged to the consolidated fund and grants made by the Legislative Assembly for the expenditure of the Jammu and Kashmir Government for the fiscal year 2025-26, as specified in the bill," according to the bill.

While presenting the budget on March 7, Abdullah expressed that J&K stands on the brink of a new era of peace and prosperity, with a semblance of normalcy returning after over three-and-a-half decades of turmoil.

He commended Prime Minister Narendra Modi, Union Home Minister Amit Shah, and Union Finance Minister Nirmala Sitharaman for their support across various sectors.

The assembly also passed the Jammu and Kashmir goods and services tax (Amendment) bill, 2025, by voice vote. This bill, also introduced by the Chief Minister, aims to align the Union Territory's GST Act with recent amendments made to the Central Goods and Services Tax Act, 2017.

This was the first bill of the budget session by the National Conference-led government, introduced on behalf of the Chief Minister.