Abolish reverse charge mechanism on cotton: Harish Rao
2021-09-20 10:49:45
Abolish reverse charge mechanism on cotton: Harish Rao
Finance Minister Harish Rao has requested the GST Council to take steps to abolish reverse charge mechanism on cotton.
He wanted the GST Council to discuss the issue with other cotton growing States like Maharashtra and Gujarat and address the concerns with the fitment committee for fresh view. He made this request during the 45th GST Council meeting held in Lucknow on Friday.
According to a release, the issue of bringing petrol and diesel into the GST fold was raised. The GST Council chairman clarified that the issue was brought into the agenda due to directions issued by the Kerala HC and it was decided to continue the present status.
When Mr. Harish Rao informed the Council meeting about the IGST amount that was transferred into consolidated fund of India and Telangana yet to get ₹210 crore due, the chairman assured that the issue would be resolved at the earliest.
The release said that the joint secretary Revenue made a detailed presentation on the revenue position and options and it was found that Telangana’s revenue gap was the lowest.
