Got clarity on GST law: Telangana FM

Got clarity on GST law: Telangana FM

New Delhi: Telangana Finance Minister Etela Rajender today said he received much clarity about GST law and the compensation that the Centre has promised for the state.

After taking part in the two-day GST council meet, Rajender said, “The central government has assured to compensate for the revenue loss once in every two months and make necessary adjustments to disburse a grant in case of a rise in compensation.”

Seeking Telangana’s third tranche of currency in lower denomination, he said so far 90 per cent of the currency Telangana received was in Rs 2,000 causing much difficulty for people.

“We have requested the union Finance Minister Arun Jaitley and the RBI also to release the third instalment in smaller denominations in Rs 100 and Rs 500,” he said.

According to Rajender based on Telangana contribution to the GDP, the share of currency that the state should receive is pegged at around around Rs 30,000 crore.

However, he said, “The state has just received Rs 20,700 crore so far. We hope the remaining currencies would be released at the earliest.”

The finance minister also said he offered some ideas to the union minister for increasing state and centre revenues.