Nevertheless, the minister, who admitted that the speed of tax (value added tax and entry tax) on petroleum products within the state is on the higher side additionally gave a justification for it.
“States like Gujarat and Maharashtra get sufficient income from industrial production, but it surely was not the case with Madhya Pradesh as industrial actions are less here. Due to this fact, for incomes enough funds we should levy tax on petroleum products,” Mallaiya mentioned.
The minister stated in 2016-17, a total of Rs 29,500 crore commercial tax was collected in the state which means a rise of 14.5 p.c per yr.
Mallaiya said he was satisfied with the implementation of GST in the state and the GST Council, on the premise of state’s suggestions, is continuously reforming it.
“Madhya Pradesh will get lot of benefit with this new tax regime as a result of it is located centrally. It will even end in enhancement of business actions particularly stocking and transportation of products,” he mentioned.
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