Chhattisgarh Commercial Tax Minister T.S. Singh Deo on Sunday said the state’s revenue was badly hit because of the Goods and Services Tax (GST).
He said the state exchequer had suffered a huge loss of Rs 2,500 crores in just three sectors: paddy, coal and iron.
Singh Deo, a GST Council Member, was addressing office bearers of business organizations here in Civil Lines.
The state had also suffered a loss in income due to abolition of provisions of protected income, he said.
Regarding petroleum products, he said sooner or later the Center will bring it under GST. In such a case the state will get its 25 percent share in VAT. In case the GST is reduced to 28 percent, the state will have to satisfy with 14 percent.
The Minister sought suggestions from the business organizations and told them to submit them soon.
Members of the Chhattisgarh Chambers of Commerce and Industries (CCCI), Confederation of All India Traders (CAIT), Raipur Iron and Steel Traders Association (RISTA), Chhattisgarh Steel Re-rollers Association (CSRA), Chhattisgarh Iron and Steel Agent Association (CISAA) and Chhattisgarh Mini Steel Plant Association (CMSPA) attended the meeting.