Kerala's GST Woes: Balagopal Speaks Out on Tax Rate Impact
Kerala Finance Minister KN Balagopal underscores the need for GST rate benefits to reach citizens. He warns against revenue losses for states like Kerala, which could hinder public welfare. With an estimated Rs 8,000-10,000 crore revenue loss, Balagopal advocates for a better compensation mechanism.
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- India
Kerala Finance Minister KN Balagopal has urged that the benefits of GST rate rationalisation should directly reach the common people. However, he cautions that without compensating the annual revenue loss, states like Kerala may struggle to maintain their social commitments.
Kerala faces an estimated Rs 8,000 crore to Rs 10,000 crore annual revenue loss due to GST rate changes. Balagopal stated this poses challenges to Kerala's finances and calls for a proper compensation strategy.
Despite backing the GST Council's rate reductions, Kerala is advocating for a system that considers state-specific consumption patterns. Balagopal insists that fair taxation and equitable distribution are crucial as India's economy continues to grow.
(With inputs from agencies.)
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