Congress govt is keen on early introduction of GST

Bengaluru: The Congress government has batted for quick introduction of the goods and services tax (GST), even as the bill has been stalled in Parliament by the party demanding some amendments.

According to the Karnataka fiscal plan for 2016-2020, released after chief minister Siddaramaiah presented the budget on Friday, introduction of GST will create a healthy and competitive environment besides propelling growth and development. It said the emergence of a common market will end competition among states in offering tax incentives for attractive investments and that a conducive atmosphere of ease of doing business will attract investors.

The state government is geared to switch over to the GST regime, according to the plan. Karnataka has had to face the brunt of losing some investments to neighbouring Andhra Pradesh, which promised a lot of incentives.
The overall collection of revenue from stamps and registrations for 2015-2016 is expected to be Rs 8,100 crore as against the target of Rs 8,200 crore. This has been attributed to the growth rate which was 22% in the first quarter of the fiscal year dropping to 9% in the last quarter.
Source: http://timesofindia.indiatimes.com/city/bengaluru/Congress-govt-is-keen-on-early-introduction-of-GST/articleshow/51477952.cms

Leave a Reply

Your email address will not be published.

Solve this and then Post Comment *

scroll to top