Mysuru has done better than other regions of the State in terms of GST collection, according to Sanjay Pant, Principal Commissioner, GST Commissionerate, Mysuru.
He said at the annual conference of Confederation of Indian Industry (CII), Mysuru, Finance and Taxation Panel here on Wednesday that ₹1,100 crore had been raised from GST in Mysuru. TVS and Automotive Axles alone accounted for more than ₹100 crore. The State GST revenue had been growing at 9 per cent, he said, adding that the growth had been due to better tax compliance by the industry. In January 2020 alone, the revenue collection has grown at 12 per cent. Out of the collections, 29 per cent was from service tax.
Mr. Pant suggested that sectors having potential such as entertainment and tourism should be harnessed for achieving higher growth. This would result in increase in revenue collections.
N. Muthukumar, Past Chairman of CII Karnataka and President and Executive Director, Meritor India Ltd; and Bhaskar Kalale, Chairman, CII Mysuru and President and GM-India Operations, Theorem India Private Limited addressed the gathering. Amit Kumar, Vice-Chairman, CII Mysuru and Vice-President and Business Unit Head, L and T Ltd., was present. Ranganathan S., Convenor of CII Finance and Taxation Panel and CFO of Automotive Axles Ltd., welcomed the participants and set the theme of the conference. Rabinder Sahoo, Co-Convenor of CII Finance and Taxation Panel and Vice President-Finance, Cyient DLM, was present.
Mr. Muthukumar said the industry in Mysuru had been growing significantly, contributing to the GDP. The business environment had become uncertain, complex and volatile. Inclusive growth of economy required the support of all - individuals, industries and the government. The industry needs to know the changes in government policies to get the best out of these policies.
Mr. Kalale said the conference was the need of the hour and called for “thinking like an economist”.
‘Science of resources’
Pointing out that economics was “a science of resources”, he called upon the industrialists to put a positive spin on the budget and fiscal policies that are framed from time to time. The key takeaway from the conference should be “the impact of the technology options on finance”.