‘GST compensation will help State exchequer’

SHILLONG: The State Government is optimistic that its revenue will not decrease in the new tax regime.
Addressing a day-long workshop on the Goods and Services Tax (GST) for media persons in the city on Wednesday, Finance Secretary Sanjay Goyal said under the compensation scheme, the GST Council has calculated that 14 per cent growth rate will be the basis for compensation to those states whose tax realisation will be reduced.
However, he was quick to add that the hiccups in the initial months will be addressed gradually as the State Government is streamlining the process.
“The Government has been calling dealers and traders for providing them support through interactions. The new tax regime is going to be beneficial for consumers as it is subsuming various taxes besides, there will be reduction of tax burden,” said Goyal at the programme organised by the Press Information Bureau, the state DIPR and the Shillong Press Club. Deputy Commissioner and Assistant Commissioner of Taxes, L Khongsit and GG Marbaniang, respectively,  dealt with the business processes and Meghalaya GST in their presentation.
The presentation was followed by an interactive session where resource persons were able to clear many of the doubts raised by journalists.
During the technical session of the workshop, experts deliberated on every aspect of GST.
All experts opined that the new tax system which is destination based will bring transparency and accountability that will further enhance the benefits of all sections of the society.
Joint Commissioner of GST, Shillong, L Beimopha, Deputy Director, DIPR Meghalaya and President of Press Club David Laitphlang also participated in the workshop.