SHILLONG: State Government is quite optimistic that there will be no dip in revenue collection post enforcement of Goods and Services Tax (GST) in the state.
Addressing a day-long work shop on the new tax regime organised by the Press Information Bureau in collaboration with the state DIPR and the Shillong Press Club for the benefit of media persons from Shillong here on Wednesday, Secretary of the Finance department, Sanjay Goyal said that the state would not witness any dip in revenue collection due to the compensation scheme where the GST council has calculated that 14 per cent growth rate will be the basis for compensation over five years to those states whose tax realization will be reduced following the implementation of GST.
Fearing certain hiccups in the initial months of the rolling out of the Goods and Services Tax, Goyal, however, added that the state government is taking due care to streamline the entire process.
According to Goyal, the state government has been calling the dealers and traders and have been providing due support to them through interactions even as he added that new tax regime is going to be beneficial for the consumers as it is subsuming various taxes besides there will be reduction of tax burden.
During the technical session of the workshop, experts deliberated on every aspect of the Goods and Services Tax.
All the experts opined that the new tax system which is destination based, will bring transparency and accountability which will further enhance the benefits for all sections of the society.
Joint Commissioner, GST, Shillong L Beimopha, Deputy Director, DIPR Meghalaya and President Press Club, David Laitphlang participated in the workshop among others.
A M Paul, Assistant Commissioner and P K Sen Superintendent, GST Shillong, presented an overview of the GST. The presentation highlighted various aspects of GST including background of GST, concept of GST, registration, types of taxes, difference between GST and VAT .
Deputy Commissioner of Taxes, Govt. of Meghalaya L Khongsit and Assistant Commissioner of Taxes G G Marbaniang dealt with the Business Processes and Meghalaya GST through their presentation. The presentation was followed by an interactive session where the resource persons were able to clear many doubts raised by the participating journalists.
