Through goods and services tax (GST), Rs 30,321.67 crore was earned by the state government in the second quarter in this financial year (2018-2019). As compared to the first quarter, the revenue is Rs 5,632.42, or 15.66 percent less.
For the entire fiscal year, the revenue collection of Rs 1.41 lakh crore is the target of the state government.
The sectors like aviation, banking, real estate and insurance are the main reason for the downfall of GST collection, said a senior official from the state’s finance department.
There is an increase of Rs 1,810.98 crore in the GST, as compared to the second quarter of the previous financial year (2017-18).
As compared to the first quarter of last financial year, the state government earned 39 percent more i.e. Rs 35,954.13 crore in the current financial year.
In the financial year 2016-2017, Rs 90,525 crore got collected and in the financial year 2017-2018, the GST regime was beneficial to the state with Maharashtra earning Rs 1.15 lakh crore, the official claimed.
A senior official further said, “One of the major reasons behind higher revenues in the first quarter of the current financial year was that a lot of disputes between traders and the department were settled over the tax assessment and the actual revenue was realised.”
He further said, “The increase in the number of registered dealers under GST to 14.55 lakh from 8.30 lakh under VAT was one of the reasons why revenue increased in the financial year 2017-18 compared to the previous year.”
GST was quickly adopted by several traders because they realized that if goods are bought from an unregistered dealer, then the entire tax would be paid by the registered dealer due to which they will not get the credit.
Vendors had to register for GST, as big traders, service providers and manufactures insisted, said an expert.
