25 Mar 2017 | 07:55pm IST
GST will boost State revenue: CM
PORVORIM: Stating that the government will take care of revenue generation, Chief Minister Manohar Parrikar on Friday said the State revenue will grow by 25 percent with the roll out of Goods and Service Tax (GST).
PORVORIM: Stating that the government will take care of revenue generation, Chief Minister Manohar Parrikar on Friday said the State revenue will grow by 25 percent with the roll out of Goods and Service Tax (GST).
Speaking to media persons after tabling the Budget, Parrikar said the State’s surplus figure may exceed Rs 202 crore once the impact of the 7th Pay Commission implementation is reflected. “At present, it does not reflect,” he said.
Asked about the measures the government is inclined to take for revenue generation, Parrikar said, “Will take care of it,” while later spelling out a few heads from where the money is expected to flow.
The Chief Minister said that with the GST roll out, State is expected to generate additional revenue of Rs 1500 crore. “The revenue will grow up by 25 percent annually,” he said.
He explained that at present the revenue from service tax stands at Rs 1600 crore at 14 percent and with GST at 18 percent it will go up to Rs 2200 crore.
“Goa being more of a consuming State, wherein services play a major role in the State economy, it is anticipated that the State will gain. Any shortfall will be compensated by the Union government,” Parrikar said.
Further, with hike in VAT on petrol, additional Rs 60-70 crore will come to the State treasury, he said.
