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GST loss for AP 4,700 cr
Andhra Pradesh Finance Minister Yanamala Ramakrishnudu said that the state would lose about Rs 23,500 crore of tax revenues over a period of five years on adoption of the Goods and Services Tax (GST).
Hyderabad: Andhra Pradesh Finance Minister Yanamala Ramakrishnudu said that the state would lose about Rs 23,500 crore of tax revenues over a period of five years on adoption of the Goods and Services Tax (GST).
Welcoming the passage of the GST Bill in Rajya Sabha here on Thursday, the minister said that the annual tax loss of the state on account of implementation of GST was pegged at Rs 4,700 crore per annum.
“It would be the responsibility of the Centre to make good the loss the state would be suffering,” he said. It is also the responsibility of the Centre to ensure that no injustice was meted out to the states that would be losing taxes after adopting the GST.
Yanamala demanded that states should be given the power of supervision of the tax administration and also interventions, if necessary in implementing the GST.
Stressing on a fool-proof verification mechanism, Yanamala said, “though states would be the members of the GST council headed by the Union Finance Minister, they have no power to veto the power of the Centre.”
It was against this backdrop, the AP Government was urging the Centre not to ignore the view of the state on any of the issues related to the implementation of the GST.
Explaining the impact of the GST, Yanamala said that exemption of online business would be beneficial for the consumers as well as government. Expressing apprehension that the prices of the foodgrains and other commodities would go up, he said the GST Council would have to resolve these important issues.
The minister said the new and unified tax structure would benefit the Centre and States but before implementing it, the GST Council should resolve pending issues like Revenue Neutral Rate (RNR), Thresh Hold Amount (THA), disputes between State and the Centre and disputes among the states.
He blamed the Congress for dragging on the passage of bill for the last 26-months by creating unnecessary hurdles.
