Despite lower GST collection, higher revenue expected in 2017-18 by Delhi govt: Survey
Despite lower collection of the Goods and Services Tax (GST) , the Delhi government expects a higher overall revenue collection in the current financial year, says the Economic Survey of Delhi 2017-18 released today.
According to the survey, the city's revenue surplus reduced to 0.80 per cent in 2017-18 (budget estimate) compared to 1.58 pre cent of the Gross State Domestic Product (GSDP) in 2016-17. The revenue surplus in 2016-17 was Rs 5,044 crore against Rs 8,656 crore in 2015-16 It stated that all components in the tax revenue showed a higher growth during 2017-18 (budget estimate) except for the other taxes on goods and services which showed a growth of 9.66 per cent as compared to 12.70 per cent in 2016-17.
The Delhi government's revenue receipts consist of tax revenue, non-tax revenue and grants-in-aid from the Centre. The tax revenue covers the receipts under State GST/Value Added Tax (VAT), stamps and registration fees, state excise and motor vehicle tax. These taxes together account for 91 per cent of the state government's total revenue receipts. In May last year, the Delhi Assembly passed the date goods and services act and GST rolled out in Delhi from July 1, 2017.
As a result, the erstwhile VAT (excluding items like petroleum, liquor etc) and other taxes viz entertainment tax, luxury tax and cable TV tax subsumed in GST, the survey stated.
Around 75.23 per cent per cent VAT dealers had migrated to GST up to December 29, 2017.
Trade and Tax department of the Delhi government made all efforts for smooth migration of all existing VAT dealers in new regime of GST. Around 75.23 per cent existing VAT dealers have migrated to GST up to December 29, 2017, according to the survey. BUN/VIT BUN KIS KIS
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.