Bhubaneswar: The Odisha Government has been benefited after implementation of Goods and Services Tax (GST), informed Finance Minister Sashi Bhusan Behera in the State Assembly.
The government’s tax collection amount has increased by 2.3% to Rs 3,735.14 crore this year after implementation of the GST, the Finance Minister said.
Last year, the State had collected Rs 3,691.28 crore, in the pre-GST regime which rose to Rs 3,735.14 crore this year, the minister added.
However, the State exchequer has lost around Rs 3,000 crore after implementation of the unified tax system.
As per the provisions of the GST law, the Centre would compensate loss of the States at 14% rate, following which the Centre has provided Rs 1,020 crore on account of loss of tax after GST implementation.
“The State has got Rs 333 crore in July-August whereas Rs 687 has already been sanctioned by the Centre for September-October,” the minister further added.
The State has been demanding before the Centre for lessening of GST on handicrafts following the GST Council has reduced tax to 5% on Sambalpuri saree, but, the 12% tax still persists on saree above Rs 1,000, the minister said in the House.