Tax collection goes up by 15% post GST

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Since the implementation of the Goods and Services Tax (GST) regime in the state, Goa’s tax collection has increased 15% as recorded by the state GST and commercial tax department.

Through tax collections, the department has earned Rs 2,427 crore from April 1 till December 31, against the Rs 2,109 crore pocketed for the same period in the previous financial year. Goa’s tax mop-up under GST amounts to Rs 876 crore from August to December, the state economic survey for 2017-18 shows. The data also indicates that total tax revenue collection from VAT on retail petrol and alcohol, along with state GST and integrated GST is Rs 1,237 crore.

As per the GST Compensation to States Bill, which was created to provide indemnity against any loss in revenue owing to GST implementation, recompense offered will be for a five-year period starting from the date when the state GST Act is implemented by the state government.

“Till December 31, 2017, the state has received Rs 103 crore as compensation and claim of Rs 74 crore is preferred and pending before the government of India for the August to December period,” the state economic survey said.

The government had fixed a target of Rs 3,483 crore as tax collection for 2017-18. Against this, the commercial tax and state GST department has collected Rs 2,427 crore as on December 31, 2017. Till June 30, the commercial tax department was collecting tax under five heads, Value Added Tax , Central Sales Tax, Entry Tax, Entertainment Tax and Luxury Tax.

Read more at: https://timesofindia.indiatimes.com/city/goa/tax-collection-goes-up-by-15-post-gst/articleshow/63021007.cms