T''gana govt would lose Rs 5,000 cr revenue annually following latest revision of GST rates: Dy CM

Hyderabad, Sep 16 (PTI) The Telangana government would lose Rs 5,000 crore in revenue every year due to the revision of GST rates, Deputy Chief Minister Mallu Bhatti Vikramarka said on Tuesday.

Vikramarka, who holds the finance portfolio, said Chief Minister A Revanth Reddy and the cabinet have taken a decision in support of GST rationalisation for the welfare of poor, middle-class, and farming families.

Interacting with business community in an event organised by the Commercial Tax Department in view of recent GST rate revision, he said a large number of goods would now be available at lower prices with the revised rates It is the responsibility of both the government and traders to ensure that the benefit reaches the public, an official release quoted him as saying.

He urged the traders to honestly display the reduced prices of goods to the public.

Speaking about Input Tax Credit (ITC), the Deputy CM said it is truly beneficial for those who conduct business honestly.

However, the state government is incurring revenue losses due to the actions of those taking to unfair practices, he said.

He urged honest traders to provide information about such malpractices to the state government.

The Deputy CM assured traders that the state government is always ready to discuss any problems they may have, the release added. PTI SJR SJR SA