25% growth predicted despite petrol price reduction

PTI, PANAJI | 26 July 2012 12:01 IST

Chief Minister Manohar Parrikar today predicted a 25 per cent growth in tax receipts in the current financial year, despite heavy reduction in taxes on certain products including petrol.

Parrikar told the state Legislative Assembly that the growth for the first quarter was 7.3 per cent, exclusive of the Value Added Tax (VAT) on petrol that has been abolished.

"Factoring in the tax that has been abolished, the growth in collection would have been 17-18 per cent," he said.

He added that overall growth in tax collection would be 25 per cent.

For the first quarter, the CM said, there was 3 per cent rise in the VAT collection, 18 per cent in the collection of entry tax, 113.5 per cent in that of entertainment tax and 28 per cent in that of luxury tax, compared to the same period last year. 

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