Telangana Leads GST Rate Rationalisation: Challenges and Adaptation
Telangana is preparing for the new GST rate rationalisation, with efforts made to sensitise stakeholders. The GST reforms include two new tax slabs, which may cause technical challenges. With 5.3 lakh GST registrations, Telangana may lose Rs 7,000 crore annually and demands compensation from the Centre.
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Telangana is fully prepared for the implementation of the new GST rate rationalisation, as stated by Commissioner of Commercial Taxes, K Haritha. Preparations at the field level have been thoroughly addressed.
Despite assurances from the commissioner regarding the absence of technical glitches, the true test will occur next month when traders or taxpayers file returns. The notifications for GST reduction and rationalisation have been issued in accordance with council decisions, with stakeholders being duly sensitised.
The state's Deputy Chief Minister, Mallu Bhatti Vikramarka, expressed concerns about a potential annual tax revenue loss of Rs 7,000 crore due to the new GST structure and has demanded compensation from the Centre in response to these challenges.
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