He was speaking at the inaugural of the two-day State-level Chartered Accountants Conference here today. He said GST was essential for the growth of the economy and the Centre had promised to make good whatever revenue loss the States may suffer.
However, he said, there was also a political angle to it, as the right to taxation enjoyed by the States would be taken away and the GST Council, comprising the Union Finance Minister and all the Finance Ministers of the States, would decide on the issue.
He said the Union Finance Minister would hold another meeting on GST with the State Finance Ministers on the issue next week in New Delhi and certain amendments may be made. In the overall interests of the nation and the economy, the GST bill should be supported by all, he said.
Expressing concern over the unaccounted money in the country, Ramakrishnudu said the CAs should also play a key role in the matter, encouraging their clients to pay taxes.
M Devaraja Reddy, president of the Institute of Chartered Accountants of India (ICAI), said the CAs in the country were upholding the highest professional standards. He said the new syllabus for the CAs would be introduced from November.
He exhorted CAs to adopt new technologies to make themselves more useful to the society and to hone their skills.