LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
1-min read

Punjab Facing Revenue Gap of 37 % After New Tax Regime, Says FM Manpreet Singh Badal

Besides Punjab, several other states like Himachal Pradesh, Chattisgarh, Uttarakhand, Jammu and Kashmir, Odisha, Goa, Bihar, Gujarat and Delhi are facing revenue shortfall post the implementation of Goods and Services Tax (GST).

PTI

Updated:January 10, 2019, 7:40 PM IST
facebookTwittergoogleskypewhatsapp
Punjab Facing Revenue Gap of 37 % After New Tax Regime, Says FM Manpreet Singh Badal
File Photo of Punjab Finance Minister Manpreet Singh Badal (Image: Twitter)
Loading...
New Delhi: Expressing concern over revenue shortfall, Punjab Finance Minister Manpreet Singh Badal on Thursday said the GST collections in the state are not picking up and the state is facing a revenue gap of 37 per cent following the roll out of the new indirect tax regime.

Besides Punjab, several other states like Himachal Pradesh, Chattisgarh, Uttarakhand, Jammu and Kashmir, Odisha, Goa, Bihar, Gujarat and Delhi are facing revenue shortfall post the implementation of Goods and Services Tax (GST). Among the union territories, Puducherry is facing a maximum shortfall of 43 per cent.

Talking to reporters after the meeting of the GST Council here, Badal said revenues are a source of concern as the indirect tax collection by the state is less than what was being collected 2 years back.

"Pre-GST, we had taxes on foodgrain and that was 40 per cent of our base. When a state loses 40 per cent of its tax base, it faces huge revenue shortfall. We are facing a shortfall of 37 per cent," Badal said.

He said GST revenues are not going up and "that is our concern".

The central government has released Rs 48,202 crore as GST compensation to states during April-November 2018, higher than the Rs 48,178 crore paid in the previous financial year.

The Goods and Services Tax (GST) was rolled out on July 1, 2017. As per the GST law, the Centre compensates states to ensure that their revenue is protected at the level of 14 per cent over the base year tax collection in 2015-16.

The GST Council in its earlier meeting on December 22, 2018, had decided to set up a ministerial panel, which along with assistance from think tank NIPFP, would study the revenue data of states.

Andhra Pradesh and five north eastern states -- Mizoram, Andhra Pradesh, Manipur, Sikkim and Nagaland -- are showing revenue increase post the GST roll out.

Thursday's meeting of the GST Council did not discuss the issues concerning revenue shortfall being suffered by the states.

Catch the biggest newsmakers and the biggest newsbreaks on CNN-News18, the only news destination. Keep watching CNN-News18 at just 50 paise per month. Contact your cable/DTH operator now!

*Rental/capacity fee of Rs. 130/- as charged by cable/DTH operator may apply. **GST extra.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 1,230.95 -0.55
Sun Pharma 419.75 5.39
Kotak Mahindra 1,293.60 2.05
Yes Bank 191.25 -0.36
Maruti Suzuki 7,079.00 -1.80
Company Price Change %Gain
Page Industries 22,637.05 -1.29
Sun Pharma 419.25 5.25
Reliance 1,230.95 -0.29
Yes Bank 191.30 -0.42
Kotak Mahindra 1,293.00 2.03
Top Gainers
Company Price Change %Gain
Sun Pharma 419.75 5.39
Kotak Mahindra 1,293.30 2.03
GAIL 333.80 1.83
BPCL 355.95 1.25
HPCL 241.65 1.26
Company Price Change %Gain
Sun Pharma 419.25 5.25
Kotak Mahindra 1,293.00 2.03
Bajaj Finance 2,610.20 0.82
Axis Bank 660.90 0.10
Top Losers
Company Price Change %Gain
Vedanta 192.55 -2.97
M&M 708.85 -2.94
Tata Steel 458.55 -2.79
JSW Steel 276.35 -2.90
HCL Tech 944.55 -2.20
Company Price Change %Gain
M&M 709.65 -2.86
Vedanta 192.60 -2.92
Tata Steel 458.75 -2.71
Tata Motors 177.60 -2.09
HCL Tech 944.40 -1.89

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results