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Centre should cut its taxes instead, says Finance Minister.

Finance Minister Eatala Rajender has asserted that the State government will oppose any move by the Centre that is aimed at bringing petroleum products under the Goods and Services Tax regime.

The State would suffer huge financial losses if the two products were brought under the ambit of the GST and the government was therefore opposed to it. More than 50% of the items covered under the Value Added Tax had been placed under the GST and the State could generate resources from VAT on petrol, diesel, liquor for fulfilling its welfare and development commitments.

‘Cut taxes’

Asked about the sky-rocketing prices of petroleum products in the recent days, the Minister said the Centre should instead reduce the taxes it was imposing on these products rather than denying States’ their revenues.

“It is not appropriate on the part of the Central government to take steps that will cut down the resources of the States,” he told reporters on the sidelines of a meeting organised by the FICCI here on Tuesday.

Source : The Hindu

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