AP Assembly approved the GST Bill

Amaravati, May 16: The Andhra Pradesh cabinet has approved the state Goods and Services Tax (GST) Bill here on Monday.

The Parliament had on April 6 passed four legislations to pave the way for the nationwide roll-out of GST from July 1.

The AP Chief Minister N Chandrababu Naidu termed the GST as an "innovative change" that would bring in good results.

"This is a revolutionary reform after the economic reforms and will enable a two per cent growth in the nation's gross domestic product," Chandrababu observed.



The GST bill would broaden the tax base and result in better compliance due to a robust information technology infrastructure, state Finance Minister Yanamala Ramakrishnudu said while introducing the Bill in the Legislative Assembly.

He said that,the implementation of GST would cause a revenue loss of Rs 2,600 crore per annum to AP in the initial years.