Proposed GST slab of 35% is a deterrent for growth
As per a cross-country World Bank study on sugar-sweetened beverages, India has one of the highest tax rates for carbonated soft drinks (CSDs) at a total tax rate of 40 per cent as of 2023.
With a rise of 32 per cent GST collection for the month of April, compared to the same month of last year, Goa Chief Minister Pramod Sawant on Tuesday said that it is “a new record” for the state.
“The Swayampurna Goa programme, Ease of Doing Business (EoDB) is putting Goa on the path of economic growth, offering more economic opportunities,” Sawant said.
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“Rising GST revenues despite low rates shows enhanced tax compliance, integration of the economy at state, as well as at national level,” he added.
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Sawant, while presenting a budget with the gross expenditure at Rs 26,844.40 crore for 2023-24, has focused on tourism for revenue collection along with mining.
“We have done such planning and financial management that after two years, we will not require to take loans. We will have mining revenues, GST collections, excise revenues, and 36 per cent share from the Manohar International Airport at Mopa,” Sawant recently said.
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