Maharashtra will benefit from the Goods and Services Tax (GST) regime, state Finance minister Sudhir Mungantiwar said here today.
"We are all set for the implementation of the GST from April next year. Training programme for officials will be conducted and the module for the same have been formulated," he told reporters.
"Though we will be losing the tax revenue of Rs 14,000 a year, the Centre has assured us for giving compensation for first five years," he said.
"The Brihanmumbai Municipal Corporation (BMC) will lose a major chunk out of the octroi, but it will be compensated by the Centre for five years and by the state government after five years," Mungantiwar said.
In the biggest tax reform since Independence, the national sales tax or GST bill was yesterday approved by the Rajya Sabha to replace a raft of different state and local taxes with a single unified value added tax system to turn the country into world's biggest single market.