Hyderabad: Telangana Finance Minister Etala Rajender assured the traders of smooth transition to the GST regime. He said that there would be no change in the processes of tax payment after the implementation of Goods & Services Tax (GST).
The Finance Minister gave this assurance while interacting with a delegation of All India Gems & Jewellery Trade Federation on Sunday. He asked the traders to honestly pay their taxes on time.
He said that the Centre proposes to implement 4% tax to bring more number of people into tax net. He warned traders against adopting illegal means for tax evasion.
The Federation members informed the Finance Ministers that gems and jewellery business was having a turnover of nearly Rs. 3 lakh crore and they were contributing to about 6% of country’s GDP. They also sought an incentive in GST by 1.25% and requested Etala to take up the matter with the Central Government. (INN)