Hyderabad: The Telangana government will lose Rs 5,000 crore in revenue every year due to the revision of Goods and Services Tax (GST) rates, said deputy chief minister Bhatti Vikramarka Mallu. He added that with that in mind, CM Revanth Reddy and the state cabinet have taken a policy decision to rationalise GST for the welfare of poor, middle-class, and farming families.
Interacting with the business community on Tuesday, September 16, at the Dr. Marri Channa Reddy Human Resource Development Institute, the Telangana deputy CM said that despite the state losing ₹5,000 crore in revenue, the government has played a key role in the policy decision on GST rate revision for the growth of common and middle-class people.
The programme was organised by the Commercial Tax Department in the backdrop of GST rate revisions. Bhatti stated that the new GST rate revisions will benefit crores of people. “With the revised rates, a large number of goods will now be available at lower prices, and it is the responsibility of both the government and traders to ensure these benefits reach the public,” he said, according to a press release from his office.
At the programme, the Telangana deputy CM said that discussions were held in Delhi to simplify GST procedures. He urged traders to honestly display the reduced prices of goods to the public after the rate revisions and to communicate the real impact of GST changes without hesitation. Bhatti also requested that traders display in front of their shops, in a way understandable to the public, the details of how prices of various goods have changed after GST rationalisation.
The Telangana deputy CM stated that the cement GST slab getting reduced from 28% to 18% will result in lower cement prices, which in turn will create major opportunities for growth in the construction sector. He added that Hyderabad is transforming into a “city state” as urbanisation is increasing across the state.
The deputy CM assured traders that the Telangana government is always ready to discuss any problems they may have and that the government’s doors are always open. He said issues raised by traders will be discussed and resolved to make business easier across the State.
