Finance Minister Anam Ramanarayana Reddy on Friday requested the Empowered Committee of Finance Ministers to accelerate the process of arriving at an early consensus on the nature and extent of Constitutional amendments required to implement the Goods and Services Tax (GST) expeditiously in national interest.
Speaking at the empowered committee meeting in Mussorie (Uttarakhand), he requested the panel to look into the aspects of revenue neutral rate - since the committee could not so far arrive at the revenue neutral rate for several reasons.
Sustained efforts were required to expeditiously work out a reasonable revenue neutral rate, highly essential for the implementation of the Goods and Service Tax Act. “I hope that the committee will be able to arrive at the rate at the earliest,” Ramanarayana Reddy said. On IGST and inter-state transactions, Ramanarayan Reddy suggested that the IGST be completely handled by the Central government.
Ramanarayana Reddy said that the Andhra Pradesh government was not in favour of adding more goods to the goods list and felt there could be no place for the concept of Declared Goods under the GST regime. The proposal to place mobile phones and tablets in the declared goods list was not acceptable to AP, he said.
About Dual Control of Dealers, the Finance Minister suggested that the dealers with an annual turnover of up to Rs1.4 crore take registration from respective States and report to the respective State governments. The dealers with an annual turnover of more than Rs 1.5 crore could report to both the Centre and the State governments