This is almost 18% rise of revenue collection of Rs 49,800 crore in the previous fiscal
Gujarat government collected Rs 58,600 crore in form of Goods and Services Tax (GST) and Value Added Tax (VAT), according to provisional figures for fiscal 2017-18.
This is almost 18% rise of revenue collection of Rs49,800 crore in the previous fiscal. However, much to the relief of taxmen, the state turned out to be a net gainer of tax for the inter-state trade of goods and services. The net gain for Integrated GST (IGST) for inter-state trade was Rs3,000 crore.
The year was critical for the officials of the Commercial Tax Department, now renamed and Department for State GST, as the GST was introduced after three months of the commencement of fiscal 2017-18, which resulted in tremendous teething trouble for officials, businessmen and tax practitioners.
Of the Rs58,600 crore, about Rs34,000 crore are in form of GST, of which close to Rs3,000 crore is part of IGST, while the rest was in form of VAT for the first three months of the fiscal. The figures are provisional and are being fine-tuned.
With a collection of about Rs18,000 crore, petroleum products constituted a major chunk of the revenues. As of now petroleum products and liquor are kept out of GST and instead, VAT continues to levy. What came as a major relief for the taxman was the fact that Gujarat emerged as a net gainer from the inter-state trade of goods and services. The state gained Rs3,000 crore in form of IGST. "Initially it was perceived that Gujarat will lose because it is a manufacturing state, while GST is a consumption tax. However, we turned out to be net gainers. This is because Gujarat is a consumer of high-value goods, while goods sold in other states are of relatively lower value," said an official requesting anonymity.
The rollout of GST witnessed technology bottlenecks and tax returns were not filed within deadlines. Businessmen also complained about the delay in getting refunds.
However, the official said that tax authorities in the state tried to find a solution to the problems, which was not the case in other states.
AT A CRITICAL MOMENT
Of the Rs58,600 crore, about Rs34,000 crore are in form of GST, of which close to Rs3,000 crore is part of IGST, while the rest was in form of VAT for the first three months of the fisca. Net gain for Integrated GST for inter-state trade was Rs3,000 crore. The year was critical for the officials of the Commercial Tax Department, as the GST was introduced after three months of the commencement of 2017-18.
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