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Yanamala hints at reforms in ST to prevent evasion
Highlights
Minsiter for Finance, Yanamala Ramakrishnudu said that the State government is considering reforms to the sales tax system and sought support of the members of trade and commerce for facilitating radical changes in the levying of sales tax.
Tirupati: Minsiter for Finance, Yanamala Ramakrishnudu said that the State government is considering reforms to the sales tax system and sought support of the members of trade and commerce for facilitating radical changes in the levying of sales tax.
Speaking at an awareness meeting organised by the commercial tax department for the members of trade and commerce here on Sunday, the Finance Minister said that the government is keen on evolving a system in which there will be no scope for tax evasion.
“The commercial tax department at the behest of Chief Minister, who is keen on taking traders in to confidence before making the changes to the tax system, conducted various awareness programmes in Visakhapatnam and Vijayawada,” he added.
“The government had proposed to collect Rs 32,000 crore as sales tax this year,” he said and sought the cooperation of the traders to achieve the target.
“The State is facing many challenges and the traders can help by government to tide over challenges by prompt payment of tax,” Ramakrishnudu averred. Seeking the suggestion of the traders on fine tuning the sales tax collection, the minister said that the government is seriously considering various measures to improve its revenue without depending on taxes.
Addressing mediapersons post event, the finance minister said that his government is quite confident of achieving double digit growth. “The seven mission modes, five campaigns and the five grids will help us reach the growth targert,” he added.
The minister said that in the 2015-16 budget, the government earmarked Rs 11,807 cr for pension, Rs 11,189 cr for payment of interests, Rs 4,300 cr for farm loan waiver, Rs 4,300 cr for electricity subsidy, Rs 2,300 cr for PDS rice subsidy and Rs 500 cr for salaries to NTR Vaidya Seva Trust employees.
The budget estimated total revenue of Rs 44,423 cr including sales tax of Rs 32,000 crore, Rs 4,680 crore in Abacari, Rs 3,500 in stamps and registration and Rs 1,977 cr viaMV tax.
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