State Government anxious over raising demands for GST rate cuts
Latest News
bookmarkBOOKMARK

State Government anxious over raising demands for GST rate cuts

By The Times Of India calender  19-Sep-2019

State Government anxious over raising demands for GST rate cuts

  • The government, which recorded robust growth in tax collection for the current year, is on tenterhooks over the outcome of Friday’s Good and Services Tax council meeting, where demand for a reduction in tax rates is expected to be discussed.
  • The government is concerned that a downward revision in tax may have negative implication on the state’s revenues at a time when it has to mobilise resources to fund flood relief and drought mitigation work.
  • Karnataka has collected Rs 33,618 crore in commercial tax as against a target of Rs 76,046 crore for 2019-20.
  • With a growth rate of 14.3 %, the state is in comfortable position, but reducing taxes could result in a shortfall of about Rs 8,000 crore.
  • While indications are that the GST council may not cut tax rates with the fitment committee opposing the proposal, authorities sought to assure industry by suggesting the council’s decision will be pragmatic.
Also Read: BS Yediyurappa promises separate Secretariat for Kalyana Karnataka

 

MOLITICS SURVEY

ट्रैफिक रूल्स में हुए नए बदलाव जनता के लिए !

फायदेमंद
  33.33%
नुकसानदायक
  66.67%

TOTAL RESPONSES : 24

Raise Your Voice
Raise Your Voice 

Suffering From Problem In Your Area ? Now Its Time To Raise Your Voice And Make Everyone Know