SHILLONG: Meghalaya has reasons to celebrate the first anniversary of introduction of the Goods and Services Tax (GST) on Sunday, as reports have projected that revenue collection in Meghalaya from the State GST has touched almost Rs 500 crore.
An official from the Taxation department informed that the total revenue collection under State GST in Meghalaya till March this year was Rs 499 crore.
The state’s earning will be further enhanced as the share from the Central GST is yet to be totaled, the official said, adding that around 18500 traders have registered themselves under the GST.
Commissioner of Taxes Abhishek Bhagotia said that the situation has improved in Meghalaya and filing of returns has increased.
“Now we are neck to neck with several other states in the country in terms of GST earnings and the financial compliance has increased,” he added.
The new tax regime came into effect on July 1, 2017 through implementation of the 101st Amendment of the Constitution of India by the Union government. The GST replaced multiple cascading taxes levied by the central and state governments.
The tax rates, rules and regulations are governed by the GST Council which comprises the Union finance minister and the finance ministers of all the states.
