The State legislative Assembly during a one-day special session convened on Tuesday passed the Goods and Services Tax (GST) legislation, which is critical for creation of a new and convenient indirect tax structure in the country.
The legislation, which was passed in Parliament earlier this year was introduced by Chief Minister Manohar Parrikar, who is also the Minster for Finance, and was passed in the Assembly unanimously after a brief discussion.
“The State will benefit a minimum of Rs 500 crore every year due to GST,” Parrikar said, adding that while the income earned by the Goa Government through Value Added Tax may reduce, the losses would be more than made up.
Parrikar also said that a GST awareness campaign would also be started by the State Government.
Goa now joins the ranks of several other States which have passed the GST law, which according to National Democratic Alliance Government’s Finance Minister Arun Jaitley will be implemented from July 1.
The Goa legislative assembly had already passed a resolution which ratified the Constitutional amendments, that in turn paved way for the Presidential assent for the Goods and Services Tax bill in August this year.