Indicating his willingness to implement the Goods and Services Tax (GST) in Goa, chief minister Laxmikant Parsekar said that Goa could significantly benefit from the implementation of GST.
"The government of India has promised to compensate any revenue loss, in the event revenue of states is negatively impacted," Parsekar said in his Budget for 2015-16. "Being a consuming state, where service industry accounts for nearly 46% of the Gross State Domestic Product (GSDP) at current prices, Goa will benefit."
Parsekar confessed that he was not in a position to quantify the revenue impact likely to occur due to implementation of GST.
In revising state taxes, Parsekar made CFL and LED bulbs, computer hardware and associated products, along with cellphones costing more than 12,000 a little heavier on the pocket. He also increased the stamp duty payable on conveyances. All donations in favour of educational institutions and charitable organizations, which were registered 15 years ago, with the inspector general of societies under the Societies Registration Act, 1860, are exempt from paying stamp duty.
The chief minister has also reduced the existing tax from 15% to 10% for river boat cruises. Water sports is going to cost a bit more in the new financial year.
Parsekar has also proposed to make digital fare meters compulsory along with a GPS tracking device, for new tourist taxis from May 1. Cashing in on the trend of choosing vehicle registration numbers, Parsekar has increased the fees for this and vehicle owners will now have to shell out anywhere between 1,000 to 15,000 for their lucky number.
The motor vehicle tax collected at the time of registration has also been revised with two-wheelers costing more than 1.50 lakh likely to attract 14% tax instead of the present 12% while two-wheelers below the price bracket will pay 8% tax.
"The government of India has promised to compensate any revenue loss, in the event revenue of states is negatively impacted," Parsekar said in his Budget for 2015-16. "Being a consuming state, where service industry accounts for nearly 46% of the Gross State Domestic Product (GSDP) at current prices, Goa will benefit."
Parsekar confessed that he was not in a position to quantify the revenue impact likely to occur due to implementation of GST.
In revising state taxes, Parsekar made CFL and LED bulbs, computer hardware and associated products, along with cellphones costing more than 12,000 a little heavier on the pocket. He also increased the stamp duty payable on conveyances. All donations in favour of educational institutions and charitable organizations, which were registered 15 years ago, with the inspector general of societies under the Societies Registration Act, 1860, are exempt from paying stamp duty.
The chief minister has also reduced the existing tax from 15% to 10% for river boat cruises. Water sports is going to cost a bit more in the new financial year.
Parsekar has also proposed to make digital fare meters compulsory along with a GPS tracking device, for new tourist taxis from May 1. Cashing in on the trend of choosing vehicle registration numbers, Parsekar has increased the fees for this and vehicle owners will now have to shell out anywhere between 1,000 to 15,000 for their lucky number.
The motor vehicle tax collected at the time of registration has also been revised with two-wheelers costing more than 1.50 lakh likely to attract 14% tax instead of the present 12% while two-wheelers below the price bracket will pay 8% tax.
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