: Telangana raises concern over loss of GST revenue #IndiaNEWS #News Hyderabad: Finance Minister T Harish Rao on Wednesday raised concern over loss of huge GST revenue for Telangana State due to non-updation

@IndiaNEWS

Posted in: #IndiaNEWS

Telangana raises concern over loss of GST revenue #IndiaNEWS #News
Hyderabad: Finance Minister T Harish Rao on Wednesday raised concern over loss of huge GST revenue for Telangana State due to non-updation of customer addresses by certain tax payers following the bifurcation of erstwhile Andhra Pradesh. He urged the GST Council to address the issue at the earliest.
Participating in the two-day 47th GST Council meeting held at Chandigarh on June 28 and 29, Harish Rao brought to the notice of Council that huge revenue was getting diverting due to non-updation of addresses in the records. Certain tax payers are still paying their GST in Andhra Pradesh, despite being located in Telangana which in turn depriving the latter of GST revenue.
Thanking the Council for proposing to allow negative values in GSTR 3B returns in the proposed new 3B form, the Minister urged the Council Chairperson and union Finance Minister Nirmala Sitharaman to incorporate the same facility in the current 3B return as well and rectify mistakes in declaring wrong place of supply in the current year.
He also sought the cooperation of all the State officials especially the jurisdiction officers of tax payers located outside Telangana in the states of Maharashtra, Karnataka, Tamilnadu and Delhi for recovery of IGST which was diverted. He suggested for a meeting of the Revenue Secretaries of Telangana, Andhra Pradesh, Maharashtra and Karnataka to sort out the issue.
Harish Rao urged for expansion of the list of exemptions to accommodate the devices being utilised by the local bodies for its functions, to avoid burden on local bodies which are already under financial stress. The issue was referred to the Fitmet Committee for a detailed study to make fresh proposals.
Further, Harish Rao urged the union Finance Minister to refer the proposal of horse racing again to the Group of Ministers (GoM) which had submitted proposals on casinos, horse racing and online gaming. Accordingly, the issue was referred to the GoM requesting it to submit a report by July 15. Following his request, the matter pertaining to provisions of GST Appellate Tribunal also was referred to the GoM as proposed provisions are cumbersome and practical, and was requested to submit fresh proposals by August 1.
 

Intraday stocks under 50 NSE India Twitter of India

Vote Up Vote Down

Login to post a comment!