The Karnataka government today expressed strong reservation over the proposed GST regime, contending that the State is estimated to lose a reveune of Rs. 6,000 crore annually if it’s implemented.
State Home Minister V S Acharya said operationalisation of the regime would amount to the States ‘surrendering’ their financial powers.
“It’s like depositing our wallet with the Centre”, he quipped while talking to reporters here, adding it would hurt the interests of States such as Karnataka which are in the forefront in revenue-mobilisation.
“We will lose about Rs. 6000 crore (annually if GST is implemented)”, the Minister said.