Revenue from GST to be better than VAT in Goa, says CM Manohar Parrikar

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Goa Chief Minister Manohar Parrikar said that the state government was expecting a revenue growth of 5-7 percent during the current fiscal due to the Goods and Services Tax.

Talking to reporters at Panaji, Parrikar said that Goa’s GST collection has been better than the collection of Value Added Tax (VAT).

“By the end of the current financial year, the total revenue collection, including GST, will cross Rs 3,200 crore and an additional Rs 400 crore will come as compensation from the Centre towards the implementation of GST,” he said.

He said that revenue collection for 2016-17 was Rs 2,950 crore.

Parrikar said GST collection for the ongoing month of January had touched Rs 112 crore, of which Rs 65-70 crore was the share of the Centre by way of Central GST.

“We expect State GST to touch Rs 230 crore by the end of the month. And if we add Central GST share, then the figure touches 290 crores,” he said.

Parrikar informed that Goa had so far received Rs 103 crore as compensation from the Centre for implementing GST.

“For the month of July-August, we received Rs 68 crore and for September-October, it was Rs 35 crore,” he stated.

He said that the state government’s utilisation of budgetary allocation was expected to cross 85 percent by the end of the financial year, which at the end of December 2017 stood at 58 percent.moneycontrol