Team Herald
PANJIM: After facing an initial drop in revenue with the introduction of the Goods and Service Tax (GST), the State government is now expecting a growth of 5-7 percent in the total revenue collection by way of GST by the end of the current financial year 2017-18.
Speaking to media persons, Chief Minister Manohar Parrikar said, “GST collection has been better than Value Added Tax (VAT). This year, we are crossing last year’s collection. Still GST collection needs to be improved,” he said.
Parrikar, who is also the Finance Minister, said that by end of the financial year (March 2018) the total revenue collection, including GST will cross Rs 3200 crore, while another Rs 400 crore will be added to this which is compensation share towards GST from the Centre.
In the last financial year, the revenue collection was Rs 2950 crore. “Hence, a growth of 5-7 percent in the revenue collection by way of GST is expected by end of March 2018,” Parrikar stated.
GST was introduced in July last year and collections in the first few months of FY 2017-18 were through VAT. VAT continued to be imposed on liquor and petroleum products.
Parrikar said that the State GST collection stood at Rs 112 crore by January 23 and the VAT collection was Rs 99.98 crore. “The Central GST share will be around Rs 65-70 crore for this month,” he added.
“We expect State GST to touch Rs 230 crore by the end of the month. And if we add Central GST share than the figure touches Rs 290 crore,” he said adding that last year during the same period the VAT collection was 280 crores.
Parrikar said the State has so far received compensation to the tune of Rs 103 crore. “The compensation is normally received bi-monthly. For the month of July-August, we received Rs 68 crore and for September-October it was Rs 35 crore. We received nearly Rs 50 crore less compensation from the Centre due to some errors. The same would be now paid.”
The Chief Minister was speaking on the sidelines of the inauguration of the beautified Spring Tunnel at Boca-De-Vaca, Panjim.
Parrikar also said the government’s budgetary utilisation is expected to cross 85 percent by the end of financial year, as by December 2017 end, it was 58 percent. “For the next financial year, the target is 90 percent,” he added.
