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Business EconomyPosted at: Oct 20 2016 6:18PM


GST Council decisions to immensely benefit Haryana : Capt Abhimanyu

Chandigarh, Oct 20 (UNI) Haryana Finance Minister Capt Abhimanyu said that the decisions taken in the recent meeting of the Goods and Services Tax (GST) Council would immensely benefit Haryana as the Council has decided to give 14 per cent compensation to the states for five years.
Addressing a press conference here today, Capt Abhimanyu said that growth rate of Haryana state had been less than 12 per cent for the last few years. The states having growth rate lower than 14 per cent would be compensated by the Centre.
The base year for calculating the revenue of a state would be 2015-16 and economic growth rate of 14 per cent would be considered for calculating the likely revenue of each state in the first five years of implementation of the GST, he added.
He said that it was also decided in the meeting of the Council in New Delhi recently that a separate corpus fund be created to compensate the states to ensure regular flow of compensation to all the states for next five years. The states would not face any revenue loss with the implementation of GST in the country as the GST Council has decided on a compensation of 14 per cent for states for five years. Minimum assured protected revenue growth has been fixed with formula of one nation-one tax in the entire country.
With the one nation-one tax mechanism, the Minister said that better management of inflation could also be ensured in the country. The GST Council would convene its meeting from time to time. It is assumed that revenue would stabilise in coming five years. All the decisions have been taken unanimously in the GST meeting.
He thanked the Union Finance Minister for an open discussion on every topic relating to implementation of the GST.
In reply to a question, Capt Abhimanyu said that every item would have common tax rate which would largely benefit the common man. The GST Act is the biggest economic reform in the history of the country, he added.
UNI DB CJ RJ 1816
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