Goa's GST Revenue Boom: A State on the Economic Rise

Goa's Goods and Services Tax (GST) collection has increased by 9.57% this fiscal year, hitting Rs 2,814.76 crore by November. Key factors include tourism, real estate, manufacturing revival, and effective policies. Taxpayer registrations are rising, alongside reforms encouraging compliance. Digital transformation plays a crucial role in ensuring accurate GST tracking.

Goa's GST collection has seen a significant boost, growing by 9.57% in the current fiscal year, with revenue figures reaching Rs 2,814.76 crore by November. This increase is attributed to the revival of key sectors such as tourism, real estate, and manufacturing, alongside effective state policies.

State Tax Additional Commissioner Vishant Naik Gaunekar notes a consistent rise in registered taxpayers, mirroring the state's growing economic activity. Goa recorded a 12.51% growth in GST revenue for the fiscal year 2023-24, despite earlier dips during general elections due to reduced business activity.

The state has implemented reforms such as easing VAT compliance and registration policies, further expanding the taxpayer base. Goa's move toward digital transformation has been pivotal in reducing tax leakages, ensuring precise GST collection from diverse economic activities like tourism.

(With inputs from agencies.)