AMARAVATI – The Andhra Pradesh Legislature has finally passed state GST Bill. As on April 6 the Parliament had passed four legislature to pave the way for Goods and Services Tax (GST) Bill nationwide from July 1.
So a special meeting was called of the Andhra Pradesh Legislature to pass the GST bill today. According to State Finance Minister of Andhra Pradesh Yanamala Ramakrishnudu,”The proposed GST would broaden the tax base and will result in better compliance due to a robust information technology infrastructure”.
He even added that implementation of GST would actually cause loss in revenue of Rs 2600 crore per annum to Andhra Pradesh during its initial years. NCB unearths drug racket in New Delhi
Yanamala Ramakrishnudu said in the Parliament that,”although the losses will be compensated by the GoI from the funds that will be generated from Goods and Services Tax Act, 2017.”
Chief Minister of Andhra Pradesh N Chandrababu Naidu even appreciated the efforts made by Ramakrishnudu. He said that this is a very innovative change” that would bring good results.