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Telangana State backs Centre on GST with a rider
The State Government reiterated its demand that the interests of the States should be protected, in the Finance Ministers\' meet on GST on Tuesday.
New Delhi: The State Government reiterated its demand that the interests of the States should be protected, in the Finance Ministers' meet on GST on Tuesday.
- Wants all concerns of the States to be addressed completely, first
- Wants a constitutional provision for periodic compensation in the wake of losses which will accrue to States because of GST
The government said that it welcomed the GST but all concerns of the States should be fully addressed first. Speaking to the media later, Finance Minister, E Rajender said that the emphasis of the government had always been that single-taxation system should not affect the revenues of the States badly. He said that a consensus had emerged on half-a-dozen issues in the meeting.
Higher share of States, full remittance of tax to the States on turnover less than Rs1.5 crore and regular compensation to the States for the losses which would accrue after the advent of the GST Act, were some of the issues on which a consensus was arrived at.
Rajender opined that unless the Centre made a Constitutional provision for periodic compensation (either once in three months or six months), the whole exercise would be meaningless. While the North East States sought to retain a cap of Rs 10 lakh on exemption for small traders, the other States wanted the same to be pegged at Rs 20 lakh, he added.
Rajender said this would prove to be useful in preventing small traders from cheating the government. He said, likewise, the States had appealed to the Centre to fill the GST Committee with at least two-thirds of members from the States. On the CST dues, he said that although the State was to get Rs 10,400 crore from the Centre, only Rs 1,372 crore had been released last year whereas Rs 400 crore was released this year.
