Telangana govt to bear additional burden in construction

Hyderabad July 15: A meeting was held recently. Telangana Principal Revenue Secretary Somesh Kumar yesterday has made an assurance.

He has told building contractors that Additional tax burden due to Goods and Services Tax engaged in government contracts and buildings would be borne by the State government. He has also said the additional tax benefit born would exclude the Input Tax Credit ITC availed for builders.

Kumar has said the above words while he was speaking at a seminar held on GST organized by the Builders Association of India (BAI). He has also said that net tax burden would be lower on builders because they would get the tax credit on raw materials such as Cement, steel, and other raw materials.

Secretary has also clarified many doubts that the builders have about the new tax regime. Finally, BAI members have hailed the decision of the government.