Mr Jaitley, who also holds the finance portfolio, will be in Srinagar primarily for the two-day meeting of the GST (Goods and Services Tax) Council on May 18 and 19.
However, he is also likely to review the security situation in the restive valley region and take stock of counter-terror operations, they said.
Army chief is leaving for Kashmir today where he would be briefed by top Army commanders about incidents of cross-border firing and ceasefire violations by Pakistani troops.
It was not immediately known if the two would review the ground situation together or separately.
Mr Jaitley and General Rawat's Kashmir visit comes in the wake of beheading of two Indian security personnel by Pakistani military in Poonch district earlier this month which was termed "barbaric" by India.
The Kashmir valley has witnessed a spurt in incidents of violence and militant attacks in the last couple of months.
The Pakistani troops were involved in 67 ceasefire violations in the first four months of 2017, with maximum of 26 incidents reported in April, according to Army sources.
They said a total of 27 terrorists were killed between January and April in counter-insurgency operations.