GST Brings 2920 Crore Loss to AP

Andhra Pradesh Government is estimating the loss due to GST at 2920.87 Crore. According to the GST Act, Center has to reimburse this loss for the first five years. But then, it has to be seen the Center does that to the states without any delay.

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If the Center does not reimburse the loss on time, it will be a big problem for the state which is already reeling under severe financial pressure due to the deficit budget inherited from the state bifurcation. GST will roll out from the midnight of June 30th.

A joint session of the parliament will be held late night that day. Former Prime Ministers Manmohan Singh and HD Deve Gowda will be on the podium when the launch happens. It is not yet confirmed if the Opposition MPs will participate in this session.