The Goa Assembly on Wednesday unanimously ratified the Goods and Services (GST) Bill, 2016, taking the number of States to pass the Bill to 15.
Chief Minister Laxmikant Parsekar said as the required 50 per cent States have now passed the Bill, it will pave the way for the President to give his assent.
The resolution was passed at a specially-convened session after a two-hour discussion, where legislators raised concerns over the possible revenue-loss to Goa, which is primarily a service-oriented State and not a manufacturing destination.
Mr. Parsekar, however, sought to allay their apprehensions by saying the State will benefit on account of being a consumption destination.
“With the ease of doing business improving considerably due to a taxation reform like GST, businesses will expand. Our share in central taxes will grow and we will get 50 per cent of service tax and other Central taxes. Goa will largely benefit as cheaper services will bring in more tourists,” Mr. Parsekar said.
He claimed that the State’s revenue could go up by around Rs. 1,000 crore.
