Hyderabad: Chief Minister K. Chandrasekhar Rao said on Monday that the new Goods & Services Tax (GST) would bring in an additional revenue of Rs 3,000 crore a year to Telangana.
The officials also told the CM that the Centre has to share its increased revenues with states. Based on these facts, they estimated that TS could earn additional revenue of Rs 2,000-Rs 3,000 crore per year through GST.
Mr Rao said awareness meetings must be organised all over the state so that everyone knew what GST was about.
He wanted these conferences to be held on July 5, 6 and 7 in 91 circles under the commercial taxes department. Mr Rao will meet with commercial tax officers on GST in the second week of July.
“The Centre has decided to implement the GST throughout the country. All states have to implement it. There are divergent opinions on whether GST is profitable or not and who will suffer the loss. There is a need to get clarification on these issues. There are some plus points in GST. Traders whose annual turnover is below Rs 20 lakh, need not pay any tax. For those with a turnover of between Rs 20 lakh and Rs 75 lakh, the tax is only one per cent. This aspect should be informed to the people and awareness should be created on the actual form of the GST to remove fears and apprehensions. Suggest to small traders how they should do business,” the CM remarked.
"Fundamentally it appears that through GST, the state has something to gain and not much to lose. Measures must be taken so that small businessmen are not at loss and ensure that it has no adverse effect on their lives. GST will be very useful in catching tax evaders. This will generate more revenue, which can be used for development and welfare schemes in the state," the CM observed.
