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GST reforms to cause Rs 7,000 crore revenue loss to Telangana: CM Revanth Reddy
['Ibt News Desk']
IBTimes India : Top News
IANSTelangana will suffer a revenue loss of nearly Rs 7,000 crore due to revised Goods and Services Tax (GST) rates, which came into effect from Monday, Chief Minister A. Revanth Reddy said and demanded that the Centre compensate the state for the revenue loss.
The Chief Minister said it was not appropriate for the Centre to take unilateral decisions, imposing a burden on states.
The Chief Minister was replying to a query at a press conference organised to announce bonus for employees of the state-owned Singareni Collieries Company Limited.
He said when GST was introduced, the Centre had announced VGF for states losing 14 per cent or more revenue.
IANSDuring the GST Council meeting, the Deputy Chief Minister and Finance Minister Vikramarka had submitted a report, highlighting the state's concerns.
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