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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.
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