CHENNAI: For Tamil Nadu, which will have its budget on Friday, there is excellent news at the GST entrance. More than 18 months after the GST regime kicked in, the state is seeing a buoyancy in tax assortment. What’s more, the state has not needed to search compensation from the Centre every month.
Data released in the Rajya Sabha confirmed that Tamil Nadu gained Rs 34,589 crore as GST assortment all over the first 10 months of this fiscal. The state had gained Rs 24,907 crore for somewhat more than eight months the former year, from July 2017, when GST was applied, to March 2018.
“Each month we are seeing not less than 8%-10% enlargement in GST revenue. This includes state GST in addition to state’s IGST proportion. The downside is only in IGST adhoc settlement,” mentioned a senior officer dealing in GST.
Among states and Union territories, Maharashtra is way ahead in the case of GST assortment, at Rs 70,792 crore, adopted by means of Uttar Pradesh and Karnataka. Tamil Nadu is in the fourth place. Overall collections might not be the most productive gauge. The compensation formulation labored out by means of the Centre and the states permits for an annual enlargement of 14% in GST revenue.
‘Government has taken decisive steps to fortify tax compliance’
In case, the growth in a state is decrease, the Centre has a duty to bridge the deficit. Tamil Nadu is noticed to be a few of the better-off states in the case of enlargement, compared to the likes of Punjab, Bihar, Himachal Pradesh and Uttarakhand, whilst it's lagging at the back of most states from the northeast.
A TN officer mentioned the federal government has taken decisive steps to fortify tax compliance. Extensive automation of industrial processes, utility of eway bill mechanism, targeted action on compliance verification and enforcement in line with risk evaluation are the stairs taken for increasing revenue assortment, the officer mentioned. Similarly, revenue from other sources like sale of gas and liquor may be increasing.
Data released in the Rajya Sabha confirmed that Tamil Nadu gained Rs 34,589 crore as GST assortment all over the first 10 months of this fiscal. The state had gained Rs 24,907 crore for somewhat more than eight months the former year, from July 2017, when GST was applied, to March 2018.
“Each month we are seeing not less than 8%-10% enlargement in GST revenue. This includes state GST in addition to state’s IGST proportion. The downside is only in IGST adhoc settlement,” mentioned a senior officer dealing in GST.
Among states and Union territories, Maharashtra is way ahead in the case of GST assortment, at Rs 70,792 crore, adopted by means of Uttar Pradesh and Karnataka. Tamil Nadu is in the fourth place. Overall collections might not be the most productive gauge. The compensation formulation labored out by means of the Centre and the states permits for an annual enlargement of 14% in GST revenue.
‘Government has taken decisive steps to fortify tax compliance’
In case, the growth in a state is decrease, the Centre has a duty to bridge the deficit. Tamil Nadu is noticed to be a few of the better-off states in the case of enlargement, compared to the likes of Punjab, Bihar, Himachal Pradesh and Uttarakhand, whilst it's lagging at the back of most states from the northeast.
A TN officer mentioned the federal government has taken decisive steps to fortify tax compliance. Extensive automation of industrial processes, utility of eway bill mechanism, targeted action on compliance verification and enforcement in line with risk evaluation are the stairs taken for increasing revenue assortment, the officer mentioned. Similarly, revenue from other sources like sale of gas and liquor may be increasing.
GST rings in moolah, TN collection up 10%
![GST rings in moolah, TN collection up 10%]()
Reviewed by Kailash
on
February 08, 2019
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