Telangana Dy CM Bhatti Demands Compensation for GST Revenue Losses

Telangana Dy CM Bhatti demands compensation for GST revenue losses

Hyderabad: Telangana deputy chief minister and finance minister Mallu Bhatti Vikramarka has raised serious concerns over the revenue losses faced by the state due to the Goods and Services Tax (GST) implementation and its ongoing rate rationalisation. He said that if the earlier VAT system had continued instead of GST, Telangana would have earned Rs. 69,373 crore in the financial year 2024-25, but under GST, the actual revenue was only Rs. 42,44…

Opposition-Ruled States Demand Compensation Loss for Revenue Losses Due to GST Rate Cuts

The finance ministers of the eight states have demanded compensation for a period of five years with 2024-25 as the base year, and additional levies on 'sin' and luxury goods over and above the proposed 40% should be fully transferred to states.

Opposition States Ask for Compensation to Cover GST Losses After GST Reform

Opposition States Ask for Compensation to Cover GST Losses After GST Reform The Central Government had earlier proposed to introduce a two-rate GST system. At present, the GST system has 4 rates: 5%, 12%, 18%, and 28%, along with an additional cess on some goods. The Centre is proposing to have only two rates: 5% […]

Telangana Warns of ₹7,000 Cr Loss Under GST Rationalisation, Dy CM Urges Compensation Mechanism

Telangana has recorded only a 10% CAGR in GST revenues up to 2024-25 as compared to 18% CAGR under VAT.