Maharashtra legislature passes state GST Bill

The Maharashtra Goods and Services Tax Act, 2017 was passed unanimously today by both houses of the state legislature at the end of a three-day special session, convened for the purpose.
Replying to the protracted debate on the Bill in the legislative assembly, Minister for Finance and Planning Sudhir Mungantiwar pointed out that the Goods and Services Tax (GST) has been levied in over 160 countries, including Canada, Indonesia, New Zealand and United Kingdom.
He said all these countruies with the GST system of taxation have not faced inflation and have seen consistent rise in their Gross Domestic Produce (GDP).

Minister of State for Finance and Planning Deepak Kesarkar replied to the debate in the legislative council.
Initiating the debate earlier in the legislative council, Leader of Opposition Dhananjay Munde said the GST bill was first sought to be introduced in the Parliament by the then Union Finance Minister Pranab Mukherjee in 2011.
"It is common knowledge as to who all had then opposed the introduction of GST. The state administration cannot as yet assess the exact impact of the GST on the state's economy," Munde said.

He also wanted to know as to what would happen to the repayment of incentives on tax on 20 year agreements signed by the state.

Taking part in the debate, senior Congress member Narayan Rane said experts argue that in the first two years there will a drop in the state revenue.
He said out of the Rs 77,000 crore state plan, the government could spend Rs 26,000 crore only.
"With little scope left for the state to raise taxes on its own, how would the government allocate funds for infrastructure projects and overall development of the state?" asked Rane.
Rane said the state does not have any money left in its kitty and has a government that survives on supplementary demands.