No. of views : (6815)
Revenue from GST in Tamil Nadu exceeds Rs. 5000 Crores
Posted on: 20/Sep/2017 1:23:25 PM
Post-implementation of GST, there has not been any reversal in the tax revenue in the state of Tamil Nadu. The GST revenue in July in the state exceeded Rs. 5000 Crores.
During the financial year 2016-17, the Department of Commercial Taxes in the state of Tamil Nadu earned Rs. 67576 Crores.
Presently (since June), the new system – GST (Goods and Services Tax) has been implemented. It was expected that the Tamil Nadu state government would be adversely affected in the revenue earned after the implementation of GST.
Meanwhile, the central Finance Minister, Arun Jaitley, informed that a revenue of Rs. 92263 Crores was earned by the central and state governments during the month of July. This exceeded the estimated amount. However, as Tamil Nadu is considered to be one of the industrial production/manufacturing states, it was widely expected that implementation of GST would adversely affect the revenue. Now, the state government officials have confirmed that there is no reduction in the revenue earned through taxes.
The officials explained that so far, 75% of the traders have paid GST. So, the tax revenue has exceeded Rs. 5000 Cores. This compared favourably with the average revenue income from taxes before June. However, 45% of this revenue does not come under the domain of GST with items like petrol and alcoholic beverages.
