PANAJI
Reliable sources have informed that the state government is expected to collect more than Rs 225 crore on account of tax revenue in the month of July 2017.
The month of July 2017 assumes great significance because Goods and Services Tax (GST) was rolled out on July 1. GST subsumed a lot of taxes like value added tax (VAT) on goods, entertainment tax, luxury tax and a number of other indirect taxes.
Certain products, though, were kept outside the purview of GST like petroleum and alcohol for human consumption. In the initial days of GST implementation, there were lot of hiccups, particularly on the goods side of business, because people weren't able to adjust to the new tax regime.
A number of traders didn't even know which tax rate was applicable to their products. Therefore, trade was affected a bit in July 2017. Naturally then, experts were concerned about state's tax collections in July.
In July 2016 and July 2015, the state had earned tax revenue amounting to Rs 212 crore and Rs 161.5 crore respectively. Compared to those numbers, expected tax collections of more than Rs 225 crore in July 2017 seem higher.
A source said, "There were some hiccups to trade of goods after GST came into picture. If a certain dealer doesn't pay GST, another dealer wouldn't buy goods from him because he wouldn't get input tax credit. But on the services side of business like banking and telecom, there were no such hiccups." Sources further informed that as on August 24, the state had already received Rs 93.74 crore on account of GST and Rs 81.05 crore on account of VAT for July 2017. But the last date of filing tax return is August 28 in some cases. Therefore, tax collections will increase further.
Reliable sources have informed that the state government is expected to collect more than Rs 225 crore on account of tax revenue in the month of July 2017.
The month of July 2017 assumes great significance because Goods and Services Tax (GST) was rolled out on July 1. GST subsumed a lot of taxes like value added tax (VAT) on goods, entertainment tax, luxury tax and a number of other indirect taxes.
Certain products, though, were kept outside the purview of GST like petroleum and alcohol for human consumption. In the initial days of GST implementation, there were lot of hiccups, particularly on the goods side of business, because people weren't able to adjust to the new tax regime.
A number of traders didn't even know which tax rate was applicable to their products. Therefore, trade was affected a bit in July 2017. Naturally then, experts were concerned about state's tax collections in July.
In July 2016 and July 2015, the state had earned tax revenue amounting to Rs 212 crore and Rs 161.5 crore respectively. Compared to those numbers, expected tax collections of more than Rs 225 crore in July 2017 seem higher.
A source said, "There were some hiccups to trade of goods after GST came into picture. If a certain dealer doesn't pay GST, another dealer wouldn't buy goods from him because he wouldn't get input tax credit. But on the services side of business like banking and telecom, there were no such hiccups." Sources further informed that as on August 24, the state had already received Rs 93.74 crore on account of GST and Rs 81.05 crore on account of VAT for July 2017. But the last date of filing tax return is August 28 in some cases. Therefore, tax collections will increase further.
