Traders want Centre to slash GST rates

Industry associations and trader’s bodies are petitioning the Telangana state government to bring pressure on the Centre to reduce Goods and Services Tax rates.

The next GST Council meeting is scheduled for June 3, and will be attended by the Union finance minister and the finance ministers of all the states.

The state's finance minister, Etela Rajender, will bring the concerns of industries and traders to the notice of Union Finance Minister Arun Jaitley and seek reduction of tax rates for some goods and services.

Principal Secretary, commercial taxes, Somesh Kumar, who too is participating in the meeting, has listed the issues and concerns that need to be raised in the GST Council meeting.

“We have representations from hotels and restaurants, film industry, and granite industry to lower tax rates under GST. They are worried that these sectors will take a big hit,” said Mr Kumar.

He urged all stakeholders to submit petitions on the negative impact of GST to the government by June 2 so that the same could be brought to the notice of the Centre.

Mr Kumar said 86 per cent of traders in Telangana have migrated to GST from VAT, but there is still a balance of 14 per cent.

“We have opened the window for GST migration from June 1 to 15. All those who have not registered for GST should utilise this opportunity. Those with annual turnover of over `20 lakh should mandatorily register for GST,” he said.

STAKEHOLDERS have been asked to submit petitions on the negative impact of GST to the government by June 2.