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Farm produce not under GST: Eatala
Finance Minister Eatala Rajendar on Saturday said the Centre would take a decision on bringing commodities in four-slab system under the new tax regime – GST (Goods and Service Taxes) on March 16.
Hyderabad: Finance Minister Eatala Rajendar on Saturday said the Centre would take a decision on bringing commodities in four-slab system under the new tax regime – GST (Goods and Service Taxes) on March 16.
Speaking to newsmen after attending the meeting by Union Finance Minister Arun Jaitley with Finance Ministers of all the states, Rajender said that as demanded by the farming community, agriculture produce would not be brought under the purview of the GST.
The minister said state governments have been given powers to collect 90 per cent of the taxes from the traders whose annual turnover is below Rs 1.50 crore. For above 1.50 crore turnover, states would collect 50 per cent of the tax and the remaining 50 per cent by the Centre.
Stating that the state government would have to adopt the sGST Bill in the Assembly, Rajendar said inter-state check posts will not be required under the single tax regime and the services of the existing staff would be utilised for other official purposes.
