Tamil Nadu urges Central govt to disburse Rs 5,727 crore IGST dues
The State government on Friday urged the Centre to release the Rs 5,727 crore from the Integrated Goods and Service Tax (IGST) collection.
Published: 13th June 2020 05:32 AM | Last Updated: 13th June 2020 05:32 AM | A+A A-
The Council will also discuss ways to garner funds to compensate states for the revenue loss due to Goods and Services Tax (GST) implementation.
CHENNAI: The State government on Friday urged the Centre to release the Rs 5,727 crore from the Integrated Goods and Service Tax (IGST) collection. Fisheries and Administrative Reforms D Jayakumar, who attended the video conference meeting of the 40th GST Council meeting on Friday, placed demands on behalf of the State.
He said that the IGST compensation of Rs 4,073 crore for 2017-2018, Rs 553.01 crore for 2018-2019 and Rs 1101.61 crore for 2019-2020 are due for Tamil Nadu. The statement said Jayakumar opposed proposal to increase tax for textiles, readymade clothes and fertilisers. He also urged to grant either tax exemption or reduce tax for agricultural-related services, state and central cooperative banking services, premium for LIC policies, tools, instruments for micro-irrigation and a few more items. He also stressed that the council must consider demand from automobile manufacturers to reduce taxes.
Rs 2K crore through auction
Chennai: The State on Friday announced sale of 10 and 30-year securities for Rs 1,000 crore each, in the form of stock by auction, which is to be conducted by the RBI in Mumbai on June 16. Bids between 10.30am and 11.30am shall be submitted on the RBI Core Banking System (E-Kuber).
