The Federation of Indian Chambers of Commerce and Industry (FICCI) is soon going to have the first ever South India Goods and Service Tax (GST) Conclave.
The South Indian GST Council would be conducted virtually with the participation of four South Indian states, Tamil Nadu, Kerala, Karnataka and Telangana. This is the first attempt of the FICCI to bring the finance ministers of the four Southern states together and conduct the GST Conclave.
The finance ministers of the four states, Mr. T. Harish Rao (Telangana,) Mr. Murugesh R. Nirani (Karnataka,) Mr. K.N. Balagopal (Kerala) and Mr. P. Thiagarajan (Tamil Nadu) would be participating in the South Indian GST Conclave, held through the FICCI’s virtual platform BIKE. The event would begin at 6:00 P.M., and would continue till 8:00 P.M., on the 29th of September, Thursday.
The FICCI issued an official press release regarding the first ever South India GST Conclave 2021. The release read, “South India GST Conclave’, an online interaction with the ministers of four southern states on September 29.”
It is to be noted, the South India GST Conclave would play a major role in addressing the issues faced by the aforementioned southern states, especially in GST. In 2017, the Central Government started the GST Council for reviewing the GST of Indian products in its states and tax sharing percentage. While the Finance Commission with the GST Council, turned out to be beneficial for states like Maharashtra, Uttar Pradesh, Bihar, Rajasthan and Arunachal Pradesh, southern states were left with losses, as the products manufactured in these states did not get a profitable tax sharing percentage.
During the meeting, the four ministers would share views and exchange ideas on Goods and Service Taxes of their respective states. Later, a combined report of the event would be sent to the Union Finance Ministry led by Ms. Nirmala Sitharaman.
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