Imphal: Manipur Assembly passed the Manipur Goods and Service Services Tax Bill 2017 on Monday at a specially convened session.
The bill was passed by voice vote even as Congress demanded a debate.
During the discussion, Chief Minister N Biren Singh said that under GST Manipur would generate revenue of around Rs 150 crore to Rs 200 crore annually.
Around 4,500 retail shops have already been registered for GST in the state, he added.
Deputy chief minister Y Joykumar Singh, who is also in-charge of finance and moved the bill, said its passing provided a "golden jump" for revenue mobilisation which will simplify the indirect tax regime in the state.
'One nation-one tax' is the soul of GST, he said adding it is a destination-based consumption tax which will flow to the state where goods and services are consumed. So states like Manipur, which are consumer states, will benefit from GST, he added.
GST, he said, would bring in uniform taxation in the country and will curb the imbalance in tax variation and price variation in different states of the country.
Implementation of GST will not push up prices of goods and services and people should not panic about its implementation in the state.
He said that tax on alcoholic liquor for human consumption would be exempted under GST bill. Not all business dealers or shops are required to register for GST but only those whose annual revenue turnover is more than Rs 10 lakhs.
For those entrepreneurs whose annual turnover is less than Rs 1.5 crore, 90 percent of them should vest under state GST and the remaining 10 percent under central GST. If the taxpayers annual turnover is above Rs 1.5 crore, then it would be divided equally between central and state GST, he added. The Union government would provide compensation for a period of five years from the date of GST implementation.
Ruling BJP MLA P Sharatchandra and from Congress MLAs P Brojen Singh, O Surajkumar, K Ranjit Singh, Kh Joykishan Singh, K Meghachandra Singh, Kumari Ak Mirabai Devi, Th Lokeshwar Singh participated in the two-hour long discussion.
Later, Speaker Shri Y Khemchand adjourned the House sine die.
Published Date: Jun 05, 2017 20:45 PM | Updated Date: Jun 05, 2017 20:48 PM