Industries Minister Bikram Singh participated in the Goods and Services Tax (GST) Council meeting held in New Delhi today through video conferencing from Shimla. Union Finance Minister Nirmala Sitharaman presided over the meeting.
Bikram Singh said that Covid-19 has badly affected the economy, which has increased the need for Goods and Services Tax compensation amount.
He said that implementation of Good and Services Tax, compliance of filing of returns of the state has always been higher than the national average, which reflects the commitment of the state in effective implementation GST.
Industries Minister said that funds would be collected under compensation cess for losses of the State upto June, 2022. Due to Covid-19 the amount received is very less and the need of compensation has increased. Keeping in view the present situation increase in cess rate and implementing cess on other goods is not appropriate. In this situation, State can take loans only when it does not have the burden of interest and the capacity of taking loan does not get affected.
He provided detailed information about various matters related to Goods and Services Tax in Himachal Pradesh.
Principal Secretary Excise and Taxation J.C. Sharma, Excise and Taxation Commissioner Rohan Chand Thakur, Special Secretary Arindam Chaudhary and Additional Commissioner GST Rakesh Sharma were also present on the occasion.