HYDERABAD: Deputy Chief Minister Mallu Bhatti Vikramarka on Tuesday said Telangana will lose around Rs 5,000 crore annually in revenue following the revision of GST rates under GST 2.0.
At an interaction with traders organised by the Commercial Tax department here, he said Chief Minister Revanth Reddy had taken a policy decision to agree to GST rationalisation keeping in view the poor, middle-class and farming families.
“I played an active role in these decisions. With the revised rates, many goods will now be cheaper, and it is the responsibility of both government and traders to ensure these benefits reach the public,” he said.
Display reduced rates of products prominently: Dy CM to traders
The deputy chief minister said the revised GST rates will reduce the prices of agricultural equipment, food products, and cement, noting that the cement slab had been cut from 28 per cent to 18 per cent. He said this would create opportunities in the construction sector.
He urged traders to display reduced prices transparently and explain the impact of GST rationalisation to consumers. He said the government’s doors are open to discuss issues raised by traders and called for cooperation to check malpractice in Input Tax Credit claims, which he said were causing revenue losses.