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Tamil Nadu Finance Minister D Jayakumar is confident that with the GST rollout next month, prices of essential commodities can be reined in and the state’s GDP enhanced by 1-2 per cent.
Addressing a seminar on GST for consumer electronic traders, organised by Videocon, Assocham and CEMA (Consumer Electronics and Appliances Manufacturers Association), Jayakumar said GST rates for several items were reduced following the state government’s requests to the GST Council.
“Rates were considerably reduced for 20 commodities,” he said.
Jayakumar said the GST Council had increased the turnover ceiling to ₹75 lakh from ₹50 lakh for traders, manufacturers and restaurants to the range of 1-3 per cent depending on the categories.
GST Council was created to help set right anomalies in the scheme. “Any discrepancies and issues faced by the traders and businessmen can be solved through the Council,” he said.
Demands such as keeping alcoholic beverages and petroleum products outside the purview of GST and an independent mechanism for compensation of loss under the GST regime for a period of five years through a statute, were met by the Centre, Jayakumar added.
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