ITANAGAR: Deputy Chief Minister (DCM) Chowna Mein, who is also holding the Finance department, said that there has been a huge growth in the State’s revenue collection after the implementation of GST, on Monday.
Addressing media persons here, Mein said that the collection for the financial year (FY) 2018-19 from GST was Rs 569.41 crore and witnessed almost a 111 per cent growth in comparison with 9 months of the previous financial year.
“Arunachal Pradesh is one of the few States to record positive growth since the implementation of GST and so is not entitled to receive compensation from the Government of India,” he said. While the other States are Mizoram, Manipur, Nagaland and Sikkim, but Arunachal Pradesh topped the list in the current FY 2019-20 with a collection of Rs 304.74 crore, he added.
Mein said that the most striking feature of GST implementation in the State has been an exponential growth in the number of registered dealers. Sustained efforts for widening of the tax base in the form of taxpayer outreach programmes, market surveys were made, which have resulted in 140 per cent growth in the tax assesses base, he added.
He said that the recent announcement by Finance Minister Nirmala Sitharaman to boost up the economy, to encourage investment and to create new opportunities towards job creation will ultimately lead to the fast growth in industrial development and benefit a large number of small traders.
Mein said that the announcement of merging 10 public sector banks to form 4 banks will increase Current Account Savings Account (CASA) and more public relations will make the merger of banks profitable and doing so will not hamper their activities.
Likewise, the cut down of corporate tax from 30% to 22%, the relaxation in External Commercial Borrowing (ECB), the removal of 2% TDS on cash payment above 1 crore for the payment of Agriculture Produce Market Committees (APMC), modification under GST to benefit common men, introduction of new return system from April 2020 will no doubt help the people in their own respective grounds, Mein added.