Source www.thehindubusinessline.com Meanwhile, the State has endorsed the recommendations of the GST Council’s Group of Ministers, set up to take a call on tax relief for Covid essentials.
An increase in the FRBM limit would help the State raise more funds to compensate for the revenue loss caused by the pandemic. “It will also drive generation of jobs,” he pointed out. Taking part in the 44th GST Council Meet chaired by Finance Minister Nirmala Sitharaman through video-conference on Saturday, he said raising the FRBM limit would help boost financial activities in the country in general and the State in particular.
“We don’t how long the lockdown will continue. The State needs support to tide over the financial crunch. We appeal to the Centre to increase the FRBM limit to five per cent,” he said. “The State is under lockdown because of the Covid second wave. We are facing severe financial problems,” Rao said.
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