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First-ever South GST Conclave tomorrow
Finance Minister Harish Rao
Finance Minister Harish Rao and his counterparts from Kerala, Karnataka and Tamil Nadu to take part in the virtual meet
Hyderabad: In a first-ever attempt, the Federation of Indian Chambers of Commerce and Industry (FICCI) is bringing together four southern States councils of it on board to organise a unique event--"South India GST Conclave - an online interaction with Ministers of four southern States". It will be held on September 29 from 6 pm to 8 pm on FICCI's own virtual platform BIKE to extract their views on Goods and Services Tax at a single platform.
The participating Ministers include Murugesh R Nirani (Karnataka); K N Balagopal, (Kerala); P Thiagarajan (Tamil Nadu) and T Harish Rao (Telangana). The views and concerns expressed by participants will be compiled and the report would be submitted to the Union Finance ministry.
Though the GST Act was introduced in 2017, there were many issues and challenges, especially in CGST distribution among States. The 15th Finance Commission left the share of States in Central taxes virtually unchanged, but its revamped formula on how the proceeds are allocated among the States will result in significant gains for Maharashtra, Rajasthan, Arunachal Pradesh and Bihar. The southern States are the biggest losers. The subject has become a cause of concern for all the stakeholders.
The finance ministers have a great role to play in the GST Council. In a major shift in the GST regime, all taxes are based on consumption not on production basis due to which many southern States have lost heavily. Against this background, the conclave is planned, which has paramount interest to all southern States, as they have been demanding a better deal, said a release from FICCI.
