The Andhra Pradesh Legislature on Tuesday passed the state Goods and Services Tax (GST) Bill. The Parliament had on April 6 passed four legislations to pave the way for nationwide roll-out of GST from July 1. A special sitting of the AP Legislature was called on Tuesday to pass the state GST Bill.
Finance Minister Yanamala Ramakrishnudu said the implementation of GST would cause a revenue loss of Rs 2,600 crore per annum to AP in the initial years.
“This loss will, however, be compensated by the Government of India from the fund created under the Goods and Services Tax (Compensation to States) Act, 2017,” Yanamala told the House. Chief Minister N Chandrababu Naidu termed the GST as an “innovative change” that would bring in good results.
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