Telangana State Finance Minister, Etala Rajender attended the Finance ministers meeting in New Delhi. Speaking about the proceedings to the media, he said, the state government will take 50% control on the traders who have more than 1.5 crore turnover. He also added the government will have 90% control on the traders who have less than 1.5 crore turnover after implementing the Goods and Services Tax.
The state finance minister also said that all states apart from West Bengal accepted this proposal of control by the Centre. He also added that apart from the State Government the Central government will also have 10% control on traders with less than 1.5 crore turnover and 50% control on the traders with more than 15. crore turnover. Also all the state governments agreed to postpone the implementation of GST from April to July 2017.
Etala Rajender in regard to this said, “There was a consensus on a proposal not to tax on farm equipment and products used by the farmers. Similarly, we have also demanded that there should be no tax on the goods that are used by common people and have extensive consumption. We will sort out the remaining issues in the next meeting scheduled on February 18.” He also said that the state being a service oriented economy requires compensation for the loss of revenue that will be caused after GST implementation. He also made it clear that the Centre should finalise the compensation amount before the launch of the control scheme in the state.
