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Address concerns of States: Yanamala Ramakrishnudu
Seeking the implementation of the Empowered Committee recommendations on funds transfer, etc., he said that a joint control mechanism must be evolved to reduce the problems of the taxpayers. The threshold of Rs 10 lakh must be retained for small traders and any hike of this would force traders to split their businesses to avoid tax net.
New Delhi: Andhra Pradesh Finance Minister Yanamala Ramakrishnudu in his address at the Finance Ministers’ meet on Goods and Service Tax (GST) called for by the Union Finance Minister Arun Jaitley here on Tuesday, said that the concerns of the States must be addressed completely.
Seeking the implementation of the Empowered Committee recommendations on funds transfer, etc., he said that a joint control mechanism must be evolved to reduce the problems of the taxpayers. The threshold of Rs 10 lakh must be retained for small traders and any hike of this would force traders to split their businesses to avoid tax net.
Seeking a time frame for phasing out the check posts to prevent any cheating in the initial stages of the GST implementation once it became an Act, he said the GST Bill must be modified to provide for five years compensation.
The States were required to get a CST compensation 100 per cent for the year 2010-11, 75 per cent for the year 2011-12, 50 per cent for the year 2012-13 and all these amounts to be paid to the State before the year 2013-14.
Since, the GST had not been implemented; the Centre was requested to compensate the loss till such a time the GST was implemented. The CST Compensation yet to be received year wise was: (AP’s share in the undivided State) 2012-13: Rs 935.74 crore; 2013-14: Rs 2,247.98 crore; 2014-15 (upto June 2014): Rs 618.19 crore; the total amount before bifurcation was Rs 3,801.92 crore and after bifurcation, 2014-15 (July’14 to March’15) was Rs 1, 467.54 crore; 2015-16: Rs 2, 000 crore. The grand total pending was Rs 7,269.46 crore.
