Mysuru/UNI: The State GST revenue was growing at 9 per cent, while the growth was due to more tax compliance by the industry and any slow down in revenue collection and growth were mainly due to the growing parallel economy, said Sanjay Pant, IRS, Principal Commissioner, GST Commissionerate, Mysuru.
According to Mr Pant, Mysuru was better than other regions of the State with respect to GST Collections.
Speaking at the conference organised by Confederation of Indian Industry (CII) Mysore Finance & Taxation Panel on Finance & Taxation 2020 on Wednesday, he mentioned that, in India we follow not only the constitution but also the rules & laws laid by it. He also mentioned that, there is a need to look at the intent of the legislation. GST is outcome of one such legislation. Collection of GST was pegged at a rate of 10 per cent during 2019.
Talking on complexities of the GST, he mentioned that, in Mysore, Rs 1100 crores was raised as GST Collection – out of which TVS & Automotive Axles alone accounted for more than 100 crores.
The recent development is “Sugam Saral” from April 2020 which is a step towards merger of the database. In Jan 2020, alone the revenue collection has grown at 12 per cent against the target. Out of it, 29 per cent of the revenue collected is from service tax alone. He suggested the sectors having potential such as Entertainment and Tourism should be exploited for growth. This will result in increase in further revenue collections.
Dr N Muthukumar chairman pointed out that the Industrial sector of Mysore was growing significantly contributing to GDP. Business environment right now is uncertain, complex and volatile. According to him, ‘making money’ is necessary as inclusive growth of economy requires everyone - the individual, the Industry and the Government - to make money. The awareness of the changes in the Government policies is very necessary for the industry to get the best out of these policies. He called on the industry to have a relook at the policies.