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Former state finance minister Jayant Patil raises questions on GST

Former state finance minister Jayant Patil speaking on the Maharashtra Goods and Services Tax Act, 2017, the legislative assembly on Sunday the opposition said that the government is not ready to roll out GST from July, as there are many vacancies in the finance department. He said, “Once the Centre stops giving compensation after 5 years, what are the sources of revenue that the government plans to explore to continue the payout to the municipal corporations,” said Patil.

He also said that currently the government is reeling under a debt of Rs 4 lakh crore, which is going to increase in due course of time, public sector units of the state government are also reeling under a Rs 70,000 crore debt. Under the current rule, the Centre will compensate the loss of revenue to the state government for only 5 years and the state government will compensate the municipal corporations in the state for an indefinite period of time

Patil also said that there are some of the tax slabs which will make it difficult for the middle class to survive. “Currently, there is only 1% sales tax on new construction, under GST this taxation will go up to 18%. That means that buying a house will become difficult for the middle class,” said Patil.¬†Patil demanded that a committee be formulated to monitor the implementation of GST and study the impact on the state and its revenue. The bill will be cleared by the assembly on Monday and sent to the legislative council.

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