Tax benefits pledged during investment summit in Haryana to prevail in GST regime

Haryana was able to clinch investments worth Rs 5.84 lakh cr during the Happening Haryana investor summit at Gurgaon in March this year

As GST regime is to become a realty soon with the passage of 122nd Amendment Bill in Rajya Sabha on Wednesday, Haryana is working on setting up necessary IT infrastructure and data integration for the smooth implementation of the uniform tax rate. The Finance Minister Captain Abhimanyu told that Excise and Taxation Department has been pulling out all stops to get new software and train the staff to ensure timely implementation of long awaited bill.

He confirmed that the state will honour the commitments for tax concessions made to the investors investing in Haryana prior to the GST regime. Haryana was able to clinch investments worth Rs 5.84 lakh crore during the Happening Haryana investor summit at Gurgaon in March this year.

He refused to comment on the estimated revenue loss on account of GST regime to Haryana and told that the revenue loss can be assessed only after the rate of Goods and Services Tax is decided. Since it has not been announced so revenue gain or loss post GST cannot be estimated. "National Institute of Public Finance and Policy and Chief Economic Advisor Arvind Subramanian have been studying and trying to make some assumptions on shift in revenue earnings, impact of prices and other the financial implications of GST regime on states. But it will be too pre-mature to draw any conclusions", told Captain Abhimanyu.

As Haryana is a BJP governed state and 50% of the states have to ratify the GST bill before it becomes an act of Parliamant, Haryana will in all probability ratify it during the budget session of the state assembly, indicated Abhimanyu.Many FDI proposals for Haryana have been waiting in wings for GST regime and may sail through in next few months once the bill becomes an act, told the minister.