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Rs 2,000 Cr per Year: Galla Jaydev explains!
By: Tupaki Desk | 31 March 2017 1:48 PM GMT
Guntur MP Galla Jaydev told Parliament that AP would be losing Rs 2,000 crore per year because of Goods & Services Tax (GST). 'AP is in a financial crisis after bifurcation. We aren't in a position to handle such a huge deficit incurred due to GST. So, Compensation must be granted to AP for a period of 10 years,' he demanded.
Jaydev mentioned Centre hasn't be releasing funds which fall under CST. 'Still, Rs 7,269 crore of CST funding for AP is released by Centre so far. Nobody knows when this amount would be sanctioned. Union Government keeps saying they will 'consider' whenever we ask about CST or GST. 'Consider' is a dangerous word. Hopefully, Centre replaces 'Consider' with 'Compensation Must Be Offered',' advices the Parliamentarian.
Galla appealed Centre to decrease the cap on registration of businesses under GST from Rs 20 lakh to Rs 10 lakh. 'If businesses who annual income is Rs 20 lakh or more alone fall under GST, Around 75 Lakh businesses will come under Centre and State would lose huge revenue. Solar Power Industry will suffer due to huge tax because of the GST. This issues should be addressed,' he points out.
Jaydev mentioned Centre hasn't be releasing funds which fall under CST. 'Still, Rs 7,269 crore of CST funding for AP is released by Centre so far. Nobody knows when this amount would be sanctioned. Union Government keeps saying they will 'consider' whenever we ask about CST or GST. 'Consider' is a dangerous word. Hopefully, Centre replaces 'Consider' with 'Compensation Must Be Offered',' advices the Parliamentarian.
Galla appealed Centre to decrease the cap on registration of businesses under GST from Rs 20 lakh to Rs 10 lakh. 'If businesses who annual income is Rs 20 lakh or more alone fall under GST, Around 75 Lakh businesses will come under Centre and State would lose huge revenue. Solar Power Industry will suffer due to huge tax because of the GST. This issues should be addressed,' he points out.
