Punjab finance minister Manpreet Badal claimed that GST failed to bring about expected buoyancy, in his budget speech on Monday.
He stated that the state’s revenue from major commodities like automobiles and auto parts, cycle and cycle parts, hosiery/readymade garments, soft drinks and cement has decreased in comparison to the corresponding period in the previous year. It was presumed before GST’s implementation that the levy would improve tax compliance and yield a higher revenue and compensate for the shortfall in revenue in all states. “But the revenue receipts have been far lower than expectations.
Manpreet said the business community of Punjab had adopted GST wholeheartedly with the state ranking among the top three in filing returns. Punjab has increased the limit of generation of e-way bill from Rs 50,000 to Rs 1,00,000 for intrastate supplies considering the problems by the local business community. He added that refresher workshops and seminars for staff and stakeholders  are being organised on a continuous basis and he hopes that GST will evolve as a good and simple tax in future due to Government’s pro-active measures and industry’s active participation.
