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‘Adopt revenue neutral rates of GST'

Special Correspondent

Bangalore: The State Government has urged the Centre to announce revenue neutral rates of Goods and Service Tax (GST) to maintain tax buoyancy.

Addressing presspersons here on Monday, Minister for Home V.S. Acharya said he would be participating in a meeting of the empowered committee of State finance ministers on Goods and Service Tax (GST) in Delhi on August 4 and 5.

Implementation of the current GST rates of 6 per cent to 8 per cent would lead to loss of revenue to the extent of Rs. 5,000 crore annually to the State, he said.

The State revenue collection in 2009-10 stood at Rs. 36,338 crore and it has set a target to collect taxes of Rs. 39,000 crore in 2010-11.

The current Value Added Taxes ranged from 5 per cent to 13.5 per cent while the GST rates were 6 per cent to 8 per cent. The GST should not disturb the current rate of tax collection in the State, Mr. Acharya said. Dr. Acharya is participating in the meeting in Delhi on behalf of Chief Minister B.S. Yeddyurappa, who also holds the Finance portfolio. He said that the selected GST rate should not compromise ability of States like Karnataka with high tax effort. The rate should be treated at the floor rate without limiting autonomy of States.

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