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Delay in GST might lead to 7,000 cr hit for the state

It is being predicted that the Goods and Services Tax (GST) regime might not be implemented in Maharashtra in the coming fiscal year and the state might  have to brace for a Rs 7,000-crore hit in 2016-17.

The government had pinned hopes that it could regain some of the revenue losses it faced when the GST got implemented. The government  had faced a a loss of Rs 7,000 crore when the Local Body Tax (LBT) was abolished in October 2015.

The plan was to introduce GST from April 1, 2016. For this, the state had been pushing the Centre to put in place a special mechanism to compensate large manufacturing states for five years in the first phase of the GST.

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