MUMBAI: Maharashtra continues to report the highest GST collection in the country, accounting for almost 15% of the national figure in 2022-23. Its GST kitty is also growing the fastest, with its compound annual growth rate (CAGR) between 2018-19 and 2022-23, outstripping all other states.
The latest data shows that Maharashtra’s GST collection for the financial year 2022-23 was Rs 2. 7 lakh crore. This is more than twice the collection of Karnataka which reported 1. 2 lakh crore, the second highest GST collection in the country. Gujarat was placed third with Rs 1. 1 lakh crore while Tamil Nadu reported Rs 1 lakh crore. The state CAGR between 2018-19 and 2022-23 was 12. 3%, which is higher than that of Karnataka which is at 11. 8% and Gujarat at 11. 7%. The state’s growth rate was much higher than the national CAGR which stood 11. 3%.
GST collection is a consumption-based tax and a key indicator of economic activity. It is the main revenue earner for the state and accounts for almost 60% of the state’s income.
Senior officials said the flow of investments into the state were a key reason for its pace of economic activity and higher GST collections. “Maharashtra is a key state for domestic and foreign investments. The GST department has also stepped up vigilance and cracked down on defaulters,” said a senior official. The state’s GST collection last year was 2. 2 lakh crore. This means that collections have risen by Rs 52,353 crore or a steep 24% since 2021-22. The state’s eway bill generations are also the highest in the country. The state’s e-away bills for 2022-23 amounted to 15 crore, which was a 27% rise from the previous year.
By comparison, e-way bills for Gujarat amounted to 11. 2 crore, which was a 19% rise from the previous year. E-way bills track the movement of goods above Rs 50,000 in the state.
The latest data shows that Maharashtra’s GST collection for the financial year 2022-23 was Rs 2. 7 lakh crore. This is more than twice the collection of Karnataka which reported 1. 2 lakh crore, the second highest GST collection in the country. Gujarat was placed third with Rs 1. 1 lakh crore while Tamil Nadu reported Rs 1 lakh crore. The state CAGR between 2018-19 and 2022-23 was 12. 3%, which is higher than that of Karnataka which is at 11. 8% and Gujarat at 11. 7%. The state’s growth rate was much higher than the national CAGR which stood 11. 3%.
GST collection is a consumption-based tax and a key indicator of economic activity. It is the main revenue earner for the state and accounts for almost 60% of the state’s income.
Senior officials said the flow of investments into the state were a key reason for its pace of economic activity and higher GST collections. “Maharashtra is a key state for domestic and foreign investments. The GST department has also stepped up vigilance and cracked down on defaulters,” said a senior official. The state’s GST collection last year was 2. 2 lakh crore. This means that collections have risen by Rs 52,353 crore or a steep 24% since 2021-22. The state’s eway bill generations are also the highest in the country. The state’s e-away bills for 2022-23 amounted to 15 crore, which was a 27% rise from the previous year.
By comparison, e-way bills for Gujarat amounted to 11. 2 crore, which was a 19% rise from the previous year. E-way bills track the movement of goods above Rs 50,000 in the state.
For all the latest business News Click Here
Denial of responsibility! TechAI is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
