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Minister for finance Yanamala Ramakrishnudu urges Arun Jaitley to reduce GST rates
Minister for finance Yanamala Ramakrishnudu urged union finance minister and chairman of GST council Arun Jaitley to consider reducing rates on certain goods and services.He dashed off a letter on Thursday, following representations from trade and industry requesting to reduce the proposed GST rates on some goods and services.
Amaravati: Minister for finance Yanamala Ramakrishnudu urged union finance minister and chairman of GST council Arun Jaitley to consider reducing rates on certain goods and services.He dashed off a letter on Thursday, following representations from trade and industry requesting to reduce the proposed GST rates on some goods and services.
According to finance department officials, GST council has finalised GST rates for most of the goods and services at the meeting held at Srinagar on May18 and 19. As per the finalised rates, the tax burden on some of the goods and services such as hardware, agarbathis, biogas, cashew, restaurants, fertilisers, tractors, textiles, regional cinemas and granite slabs is high when compared with the present tax regime.
The guiding principle in fixing the GST rates is that it should not exceed the combined rate of VAT plus central excise / service tax, lest it will trigger inflation, Yanamala said in his letter to Jaitley. Hence, the higher tax burden on hardware, agarbathis, biogas, cashew, restaurants, fertilisers and granite slabs should be reduced, he urged.
