Hyderabad: Nearly 65,000 traders in Telangana state are yet to register for Goods and Services Tax (GST) with only one day left for the roll out of GST on July 1.
There are about 2.07 lakh traders in the state and nearly 1.70 lakh have registered for GST so far, according to the state government. Finance minister Etala Rajendar said that an additional 25,000 traders are expected to register soon. That still leaves a backlog of 65,000 traders.
Mr Rajendar said traders can register till July 5
“There are some apprehensions among traders to register for GST. Our officials and staff in the commercial taxes department are ready to clear all doubts and apprehensions. There is no need to panic on GST. We request all traders to register for GST by July 5,” Mr Rajender said at a press conference in the Secretariat on Thursday.
He said the TS government is ready for the rollout of GST on July 1 but the Centre is yet to address several concerns raised by the TS government on exempting Mission Kakatiya, Mission Bhagiratha, and irrigation projects from GST.
He said Chief Minister K. Chandrasekhar Rao has spoken to Prime Minister Narendra Modi and finance minister Arun Jaitley seeking a reduction in GST rates on film, granite, beedi and textile industries.
“The GST should not burden common people. The higher tax rates on these sectors will adversely affect the common people,” he said.
Mr Rajendar said that TS will not be eligible for GST compensation from the Centre as its revenue growth rate is over 18 per cent against GST stipulated rate of 14 per cent.
“Only states that have revenue growth rate of less than 14 per cent are eligible for compensation from the Centre. But the state’s growth rate is over 18 per cent. TS will suffer revenue loss of up to Rs 4,500 crore per year due to GST when compared with revenues now,” Mr Rajendar said.
