Kerala Finance Minister T M Thomas Isaac today said the state was well prepared to implement the Goods and Service Tax (GST) as it would be one of the states benefited most from the new tax regime.
Spelling out the benefits of GST for Kerala, Isaac, while launching the state-level GST regime in Kochi, said since Kerala being a consumer state its tax revenue would increase and this situation would help the state to overcome the financial deficit in four years.
He said the state government would organise GST consultancy council cell and meetings at district level to clarify doubts regarding the new tax regime.
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The Minister also spoke an out some disadvantages of the GST.
Noting that GST has paved way for reduced tax for luxury items and excess tax for essential commodities, Isaac said it will lead to price rise and disparity in the society.
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