MUMBAI: Maharashtra continues to record the best GST assortment within the nation, accounting for nearly 15% of the nationwide determine in 2022-23. Its GST kitty could also be rising the quickest, with its compound annual enlargement charge (CAGR) between 2018-19 and 2022-23, outstripping all different states.
The newest information displays that Maharashtra’s GST assortment for the monetary 12 months 2022-23 used to be Rs 2.7 lakh crore. This is greater than two times the choice of Karnataka which reported 1.2 lakh crore, the second one best GST assortment within the nation. Gujarat used to be positioned 3rd with Rs 1.1 lakh crore whilst Tamil Nadu reported Rs 1 lakh crore. The state CAGR between 2018-19 and 2022-23 used to be 12. 3%, which is upper than that of Karnataka which is at 11. 8% and Gujarat at 11. 7%. The state’s enlargement charge used to be a lot upper than the nationwide CAGR which stood at 11.3%.
GST assortment is a consumption-based tax and a key indicator of monetary process. It is the principle earnings earner for the state and accounts for just about 60% of the state’s source of revenue.
Senior officers stated the float of investments into the state have been a key explanation why for its tempo of monetary process and better GST collections. “Maharashtra is a key state for home and overseas investments. The GST division has additionally stepped up vigilance and cracked down on defaulters,” stated a senior legit. The state’s GST assortment ultimate 12 months used to be 2.2 lakh crore. This signifies that collections have risen by means of Rs 52,353 crore or a steep 24% since 2021-22. The state’s eway invoice generations also are the best within the nation. The state’s e-away expenses for 2022-23 amounted to fifteen crore, which used to be a 27% upward push from the former 12 months.
By comparability, e-way expenses for Gujarat amounted to 11.2 crore, which used to be a 19% upward push from the former 12 months. E-way expenses monitor the motion of products above Rs 50,000 within the state.
The newest information displays that Maharashtra’s GST assortment for the monetary 12 months 2022-23 used to be Rs 2.7 lakh crore. This is greater than two times the choice of Karnataka which reported 1.2 lakh crore, the second one best GST assortment within the nation. Gujarat used to be positioned 3rd with Rs 1.1 lakh crore whilst Tamil Nadu reported Rs 1 lakh crore. The state CAGR between 2018-19 and 2022-23 used to be 12. 3%, which is upper than that of Karnataka which is at 11. 8% and Gujarat at 11. 7%. The state’s enlargement charge used to be a lot upper than the nationwide CAGR which stood at 11.3%.
GST assortment is a consumption-based tax and a key indicator of monetary process. It is the principle earnings earner for the state and accounts for just about 60% of the state’s source of revenue.
Senior officers stated the float of investments into the state have been a key explanation why for its tempo of monetary process and better GST collections. “Maharashtra is a key state for home and overseas investments. The GST division has additionally stepped up vigilance and cracked down on defaulters,” stated a senior legit. The state’s GST assortment ultimate 12 months used to be 2.2 lakh crore. This signifies that collections have risen by means of Rs 52,353 crore or a steep 24% since 2021-22. The state’s eway invoice generations also are the best within the nation. The state’s e-away expenses for 2022-23 amounted to fifteen crore, which used to be a 27% upward push from the former 12 months.
By comparability, e-way expenses for Gujarat amounted to 11.2 crore, which used to be a 19% upward push from the former 12 months. E-way expenses monitor the motion of products above Rs 50,000 within the state.