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OMG: GST Bill costs AP Rs 4,700 Cr per Year!
By: Tupaki Desk | 5 Aug 2016 4:47 AM GMT
Andhra Pradesh is all set to pay a heavy price if the Goods and Services (GST) Bill comes into force. Confirming the news, Finance Minister Yanamala Ramakrishnudu said AP Government will be losing at least Rs 4,700 crore per year and Rs 23,500 crore in five years due to GST Bill. He adds, Centre have the responsibility to compensate the loss incurred.
Then, Why the hell did TDP back the GST Bill in Rajya Sabha? Yanamala explains, 'TDP has always welcomed Tax Reforms. Hence, GST Bill was supported in the larger interest of the Nation'.
Yanamala have no doubts over the belief that single-tax system will benefit Centre & States.He, however, wants the Committee behind GST Bill to focus more on revenue neutral rate, threshold amount and inter-state disputes.
Going by the version of Finance Minister, GST Bill will only put additional burden on Andhra Pradesh. Can AP overcome the crisis anytime soon?
Then, Why the hell did TDP back the GST Bill in Rajya Sabha? Yanamala explains, 'TDP has always welcomed Tax Reforms. Hence, GST Bill was supported in the larger interest of the Nation'.
Yanamala have no doubts over the belief that single-tax system will benefit Centre & States.He, however, wants the Committee behind GST Bill to focus more on revenue neutral rate, threshold amount and inter-state disputes.
Going by the version of Finance Minister, GST Bill will only put additional burden on Andhra Pradesh. Can AP overcome the crisis anytime soon?
