Home Latest News Andhra to suffer Rs 4,700 crore loss every year due to GST

Andhra to suffer Rs 4,700 crore loss every year due to GST

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Andhra Pradesh will suffer a loss of Rs 4,700 crore every year on account of implementation of Goods and Services () tax, state Finance Minister said on Thursday.

Andhra to suffer Rs.4,700 crore loss every year due to GST
Ramakrishnudu feels that with GST regime, tax on goods may come down but the same on services will go up

He said the Central Government should compensate the state to the tune of Rs 23,500 crore for five years, adding it was the central government’s responsibility to ensure that injustice was not done to states due to the GST.

Ramakrishnudu however welcomed the passage of constitutional amendment bill in Rajya Sabha. He said the Telugu Desam Party (TDP) and all other parties supported the bill in the larger interest of the country.

The finance minister said the TDP always supported tax reforms. He said unified tax good was good for both the Centre and states.

Ramakrishnudu feels that with GST regime, tax on goods may come down but the same on services will go up.