Goa’s GST collections back to pre-Covid levels, says Koshyari

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Goa’s tax collection, which was showing a downward trend due to the Covid-19 pandemic, returned to pre-Covid levels in December 2020, said Goa governor Bhagat Singh Koshyari.

The governor, in his customary address before the state legislative assembly on Monday, said that the state government is making efforts to increase revenue collection and has set a target of Rs 5,393.7 crore for GST collections in 2020-21 as against Rs 4,406.6 crore in 2019-20.

Koshyari also said that the Pramod Sawant-led government is committed to increase the GST, CST and IST tax revenue collection by increasing the taxpayer base, plugging leakages and ensuring compliance in payment of tax by the existing taxpayers.

The governor also said that though there was complete lockdown in Goa for more than three months, the state has collected excise revenue of Rs 292.2 crore up to December as against the target of Rs 547.9 crore for the year 2020-21.

“Efforts are being made to mop-up the revenue collection,” Koshyari said. “Due to Covid-19 pandemic and subsequent lockdown, the GST tax collection which was showing downward trend has now returned to near pre-Covid levels in December 2020.”

Meanwhile, the Union Ministry of Finance released the 13th instalment to states to meet the GST compensation shortfall taking the total disbursement to Goa to Rs 658 crore through the special borrowing window.

The Government of India had set up a special borrowing window in October to meet the estimated shortfall in revenue arising on account of implementation of GST. The Centre has borrowed Rs 78,000 crore through the special borrowing window till date at an average interest rate of 4.7%.

The state government is also expected to collect approximately Rs 200 crore through the one-time settlement scheme for pending old, disputed and undisputed tax cases.

On the excise front, Goa has collected excise revenue to the tune of Rs 491.8 crore for the financial year 2019-20 as compared to Rs 478 crore in 2018-19 depicting an increase of revenue by 2.87%. For the current financial year, the amount is expected to be far lower due to the closure of tourism sector in Goa.

Koshyari said that the Goa Excise Management System has now been extended and certain additional modules have been included to capture data on a real-time basis.

Source from: https://timesofindia.indiatimes.com/city/goa/goas-gst-collections-back-to-pre-covid-levels-says-koshyari/articleshow/80457380.cms