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Telangana seeks 300 cr compensation
State government had sought Rs 300 crore compensation from the Union government for decline in revenues under the new Goods and Services tax (GST) regime, which came into force from July this year. The official figures said that the total tax collection in July was 2,600 crore as against 2,822 crore in the same month last year.
Hyderabad: State government had sought Rs 300 crore compensation from the Union government for decline in revenues under the new Goods and Services tax (GST) regime, which came into force from July this year. The official figures said that the total tax collection in July was 2,600 crore as against 2,822 crore in the same month last year.
Government lost nearly Rs 222 crore revenue due to various reasons including the delay in the payment of tax by the commercial establishments after the enforcement of the GST.
Principal Secretary to Commercial Taxes Somesh Kumar said the State government requested the Union Ministry of Finance to release Rs 300 crore to adjust the revenue loss incurred in the first month of enforcement of the GST.
The Union government already earmarked Rs 24,000 crore for distribution to all States under IGST (Integrated Goods and Services Tax). Every State would get its share from the IGST based on the collections registered.
