New GST slabs: State to lose Rs.10,000 crore
MUMBAI, Sept. 22 -- With the new slab structure for the goods and services tax (GST) set to roll out from Monday, the Maharashtra government expects an annual drop in revenue by over 7% or Rs.10,000-12,000 crore. The major losses are expected to be in the auto and electronic industries, where Maharashtra is a leader both in production and consumption.
Chief minister Devendra Fadnavis, while speaking to the media on Sunday, said, "The revolutionary GST 2.0 reforms launched by prime minister Narendra Modi will help increase domestic consumption, giving a boost to production in various sectors as well as the state economy."
However, sources in the field disagree both with the figures given by the government as well as its contention that consumption will increase with lower GST. A highly placed officer in the GST department said that since Maharashtra accounted for over 14% of the GST collection in the country, the losses would also be approximately the same. P3...
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