AP state under GST for VAT exempted goods
Andhra Pradesh state Govt will urge the GST that goods exempted from VAT be prolonged the same advantage under the fresh Goods and Services tax government when it comes into force from July 1st this year. Here are certain goods that have been exempted from VAT and officials will make a plea to the GST Council that the same exemption be continued even under GST State Finance Minister told Media.
As per GST Council controlled by Union Finance Minister Arun Jaitley he would meet in Srinagar on May 18, 19 to finalize the tax rate construction and also the merchandises and so far the tax taxes and also the supplies for different tax structures have not been finalized. He said it was approximately decided to have five rates with luxury goods appealing the highest tax as per the officials.
And here tobacco products, high-end cars, soft drinks and coal may attract 28 per cent tax under GST and otherwise there will be no burden on the common man and the Finance Minister said and Hitherto India had a complicated tax construction with too many taxes and too many levels. Here GST will remove all that and ensure uniform taxation and open up a single market, as said it will have a very positive impact and in the long term our revenues will upsurge.
Mentioning to the planned Cess Fund to reimburse states that stood to lose revenues under GST bill and the minister said 2015-16 year would be taken as the base year and we really wanted the Centre to reward states from the Fused Fund of India and not impose any cess and here but finally the GST Council obvious to go for a Cess Fund Minister added. From Andhra Pradesh Yanamala said the Centre still owed 600 crore rupees to AP as VAT compensation as per the official sources.