Live
- TG to be Rs 84L cr economy in 10 years: Sridhar Babu
- First TGCHE, V-Cs meet deliberates on higher education roadmap for state
- 2 senior professors to join NALSAR
- Former Principal of SPW College passes away in US
- Hyderabad: Govt out to remove electric poles, transformers on roads across city
- KCR goes into huddle with State legal eagles
- Formula E race: KTR to be arrested soon?
- Film fraternity stands with Allu Arjun
- New CUAP campus faces security challenges
- HC grants protection to Allu Arjun from arrest
Telangana ready to roll-out GST from July one: Official
Telangana is ready to roll out the GST from July one from technology and preparedness perspective, according to a key government official.
Hyderabad: Telangana is ready to roll out the GST from July one from technology and preparedness perspective, according to a key government official.
"We are ready. We have not asked for any postponement (of the launch date)", Revenue Secretary Somesh Kumar told PTI.
"As far as technology and preparedness are concerned, even if you take migration...we are okay, we are at 80 per cent migration to new system, remaining we will complete soon, no issue on that," he said.
Kumar also said the state government has expressed its concern in terms of "some anomalies" in GST. "Earlier small and medium enterprises were exempt from central excise, now they have been added. That's our main concern."
In some areas, the tax rate is "very high", he said, adding, the state government had been advocating to the Centre to adopt a "practical approach" -- reduce the tax so that the compliance would be better.
Kumar said small and medium kind of industries, particularly the granite sector, which had "no incidence of central excise" and were doing business which attracted two per cent or 14.5 per cent tax, now come under the 28 per cent tax slab, and they have expressed concern.
Telangana is okay with the GST regime from the point of view revenues of the State, he said.
"Because GST...compensation act, whatever was our revenue in 2015-16, on year-on-year basis, they (Central government) are giving us 14 per cent increase. So, if we fall below that we will be given compensation, whatever is the gap. So, we are okay with it.
(Telangana) Government is very confident we may not need compensation so far as the State is concerned, and we will be growing at similar pace as we are growing today," Kumar said.
He also said that one should appreciate the fact that though GST would be implemented from July one, filing of first returns is only on August ten and first payment in GST on August 20 giving those under the new tax regime ample time.
On concerns in some quarters of trade and industry, Kumar said whenever there is change, people do get worried as "they don't know what it means and how to do". The state government has interacted with trade and industry and has given them "enough inputs".
