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Centre’s move to bring realty under GST irks Telangana
Telangana State government, which has already faced negative impact on its revenues under the single tax regime- GST introduced recently, is now worried on the Union government’s fresh proposal to bring Real Estate and also alcohol products under the purview of GST.
Hyderabad: Telangana State government, which has already faced negative impact on its revenues under the single tax regime- GST introduced recently, is now worried on the Union government’s fresh proposal to bring Real Estate and also alcohol products under the purview of GST.
Taking serious note of the Centre’s new proposal, the TS government constituted a committee comprising the State Revenue, Commercial Taxes, Excise and Stamps and Registration department officials to study in detail the impact of the Union government’s plan to bring Real Estate and alcohol products under GST purview. The officials will prepare a report and forward the same to the GST council before the next meeting organised in November first week.
Top officials of the State Commercial Taxes department told The Hans India that State government took serious note of the Centre’s new proposal as the State was surviving on the revenues generated from liquor sales and property registrations. Nearly 30 per cent of the State revenues was generated from liquor and 10 to 15 per cent from registration and stamp duty.
At present, government was the sole authority in finalising tax structure in Excise and Registration department. As per the requirement of funds to meet the expenditure being incurred on welfare and development programmes, government was revising the tax structure.
Once the Centre takes away liquor sales and property registrations from the State purview, the State would be deprived of its powers to sustain the economy in accordance with the requirement of funds to meet the developmental programmes.
Sources said that the committee would hold its first meeting on the impact of the proposed transfer of Real Estate sector to the GST on Friday. The officials would hold series of meetings and ascertain the impact.
