GST effect Telangana records revenue losses in November
In Telangana, the goods and services tax (GST) revenue declined in November. The Goods and service tax (GST) has decreased by Rs. 82 Crores. In October, the state’s GST was Rs. 1,631 crore, and in November it was Rs 1.549 crore. Commercial Tax Department officials have been revising that the state GST revenue has reduced due to changes in slab rates in GST and the deadline for GST returns.
In October, the state had received Rs. 847 crore from the SGST, which was limited to Rs.750.7 crore in November. Officials said the GST revenue had been impacted by tax breaks from various items tax from 28 per cent to 18 per cent slab, from 18 per cent to 12 per cent, 12 to five per cent and from five per cent tax loss to no taxes.
At the same time, thought SGST revenue decreased but IGST revenue slightly increased. IGST was more than Rs 14 crore in November compared to October. The minimum return on GST to the state was Rs. 1,745 crore. If the value is less than the fixed amount, the center will have to adjust the amount. In the wake of this, the central government will have to provide Rs.196 crore in November to state. For every two months the Center will adjust the deficient amount to states.
The Finance Ministry has written a special letter to the Finance Ministry in the wake of the reduction of GST. The GST has suggested measures to reduced revenue and take measures to get taxes. Tax paying failure, delayed payments, paying less taxes, Transferring goods without paying taxes, state government should focus on various factors including zero business. Center has said to concentrate keenly on aspected as GST revenue is decreasing. The Center has also sent a letter to the state in the wake of the reduction of GST in almost all states across the country.