‘Uttarakhand will gain Rs 10,000 cr annualy after GST rollout’Updated: Apr 30, 2017 20:38 IST
DEHRADUN: The Uttarakhand government will gain Rs 10,000 crore annually once the State Goods and Services Tax (SGST) Bill is passed, parliamentary affairs minister Prakash Pant has said.
The government has convened a special two-day assembly session beginning Saturday to table the SGST Bill. The Bill is likely to have a smooth passage, with the ruling BJP enjoying an absolute majority in the House.
All states are coming up with their state GST laws after the Lok Sabha passed the GST Bill recently. The move aims to simplify the taxation system so that traders can file all their indirect taxes at a single window. The Centre hopes to implement the GST tentatively from July
Pant told HT that once passed, the SGST law would simplify the taxation system and boost trade and business in the state. “The new uniform taxation system will also result in a net financial gain of Rs 10,000 crore annually for the government,” he said, attributing the “anticipated” gain to the provisions of the proposed (SGST) law.
“As per those (provisions), the state government is allowed to impose taxes on six goods including alcohol, petroleum products like crude oil, kerosene oil and aviation oil etc,” Pant, who also holds the finance portfolio, said. “As a result, the total tax revenue from these six items will come to Rs 7,100 crore.”
Similarly, the state will continue to receive Rs 1,200 crore from non-tax revenue.
“The total revenue the state will get through these taxes will come to Rs 8,300 crore,” Pant said, adding the net worth the state government stands to gain get annually in terms of financial benefits would come to around Rs 10,000 crore.
The government plans to further augment the non-tax revenue by imposing taxes on various services like tourism and hospitality industry, he said.
First Published: Apr 30, 2017 20:38 IST