Current Affairs

VAT and GST collection estimated at around Rs 3800 crore: Goa CM

Goa Chief Minister Manohar Parrikar informed State Assembly that upon implementation of GST, the total VAT and GST collection was estimated at around Rs 3800 crore.

In a written reply, he said the State Legislature enacted the Goa Goods and Services Tax Act (Goa Act 4 of 2017) on March 9, 2017, and the same came into force from July 1, 2017, along with the Integrated Goods and Service Tax Act, 2017 and the Central Goods and Service Tax Act, 2017 (Central Act 12 of 2017).

The Rules were framed thereunder and notified on June 30, 2007. Rates and notifications were notified on same day. Upon implementation of the Goods and Services Tax Act, dedicated and trained help desks had been set up at all the offices for helping the business community in new
registrations, for filing of returns and making payment online. Changes in the Rules notified under the Acts, as well as Rates and Notification made under new Acts, as amended/revised on the recommendation of the GST Council, were adopted and implemented by the state.

The issuance of proper tax invoices and filing monthly return is the backbone of the GST System. Press releases, advertisements and fliers are being released from time to time to make the business community aware of the various procedure to be followed for registrations, carry forward of unutilized input tax credit on stock on the appointed day, issuance of invoices filing returns etc. To acquaint the business community with online system with ease and to protect the small taxpayer’s interest, the taxpayer were divided into two groups- taxpayer with turnover upto Rs 1.5 crores and other with turnover more than 1.5 crore. Based on this criteria, their obligations were reduced.

Taxpayer with turnover upto Rs 1.5 crore can file returns on quarterly basis instead of monthly which is in case of taxpayer with turnover more than 1.5 crore.

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Savio Rodrigues

Savio Rodrigues Founder & Editor-in-Chief GoaChronicle.com

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