ES Reporter 

ITANAGAR, Sep 30: Arunachal’s Good and Services Tax (GST) collection during the last first five months (April- August) of the  current financial year 2019-20 has seen a sharp increase with a collection of 304.74 crore. Arunachal Pradesh is also among those states who have successfully subsumed the GST and has not sought any compensation extended to the states by the Centre following the GST implementation.
There is also an exponential growth in revenue collection in the state since GST was rolled out in July 2017. Collection for FY 2018-19 from GST was registered at 569.41 crore which is almost 111 per cent more in comparison to the corresponding period of previous year of 2017-18, according to latest data released by the State Finance Department on Monday. Meanwhile, Deputy Chief Minister, Chowna Mein in a press briefing accompanied by top officials of the Finance Department said that collections have improved largely due to its effective implementation and compliance by businesses. Mein, who also holds the Finance portfolio has hailed the new tax reforms of the Centre and termed it as decisive, progressive and historic. “The new tax reform will definitely make the country a lucrative place for business for investors, increase opportunities for all sections of the society and fuel economic growth,” Mein opined.
He underlined that Centre’s decision of not levying the 2 per cent TDS on cash withdrawal exceeding Rs 1 crore made through Agriculture Produce Market Committees (APMCs) will surely help farmers in doing business and promote a cashless economy. Mein also observed that the decision to widen the CSR spends will go a long way in accelerating innovation in the field of research and development and encourage new researchers in the state and country in general.
DCM also highlighted various others new reforms brought by the Centre and observed that the new tax regime would also benefit the state immensely in the long run. “The historic decision indicates central government's commitment to economic growth and its goal of a USD 5 trillion economy by 2025,” Mein added.

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Kenter Joya Riba

(Managing Editor)
      She is a graduate in Science with post graduation in Sociology from University of Pune. She has been in the media industry for nearly a decade. Before turning to print business, she has been associated with radio and television.
Email: kenterjoyaz@easternsentinel.in / editoreasternsentinel@gmail.com
Phone: 0360-2212313

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