Panaji: The implementation of the Goods and Services Tax (GST) has led to reduction in collection of taxes by 22 per cent in Goa so far as compared to the revenue collection during the corresponding period last year, a senior official said.
State Commercial Taxes Department, which keeps a record of tax collection, said the drop is not expected to continue in the future. The state government expects the GST to stabilise from January 2018 onwards.
"Since the implementation of the GST from July 1 this year, almost 30 per cent of the registered tax payers-cum-traders in Goa have not paid their taxes," a senior official from the department said.
He said that of the total 21,000 tax payers-cum-traders registered with the department only 70 per cent have been paying the taxes.
As per the data available from the department, from July 1 till date, the department has earned Rs 491.79 crore revenue through GST (including VAT on petroleum), which is 22 per cent less as compared to similar period- July-September 2016, wherein Rs 628.27 crore were deposited with the state
"The total shortfall is of Rs 136.48 crore," the official said. He said the department is facing monthly shortfall of over Rs 40 crore as compared to the VAT collection and it (shortfall) will continue for another three months.
Of the total Rs 491.79 crore collected by the state post-GST, Rs 208 crore are from the state GST, Rs 147 crore from the central GST, Rs 132.66 crore from VAT on petroleum and Rs 4.13 crore from cess.
The official said that there is no need to worry about the shortfall as there is a provision that in the first five years, the Centre will compensate for the revenue loses.