Odisha Achieves 25% Growth in GST Collection for August 2024

By: Admin
August 03, 2024
Categories: GST Recent News

Odisha has reported impressive growth in its Goods and Services Tax (GST) collections for July 2024, demonstrating the state’s robust economic performance. According to an official statement released on Friday, the state recorded a 24.98% increase in the collection of State GST (OGST + IGST Settlement), totaling Rs. 2035.18 crore. This figure represents a marked improvement from the corresponding collection of Rs. 1628.43 crore recorded in July 2023.

Overview of State GST Performance

The growth in State GST collections is a clear indicator of the state’s economic resilience and the effectiveness of tax administration. The data shows that the progressive collection under State GST up to July 2024 has reached Rs. 8866.95 crore, compared to Rs. 7055.53 crore during the same period in the previous year. This reflects a remarkable growth rate of 25.67%.

The official statistics highlight the following key points:

  • July 2024 State GST Collection: Rs. 2035.18 crore
  • July 2023 State GST Collection: Rs. 1628.43 crore
  • Growth Rate: 24.98%
  • Progressive Collection (up to July 2024): Rs. 8866.95 crore
  • Progressive Collection (up to July 2023): Rs. 7055.53 crore
  • Growth Rate (Progressive): 25.67%

Gross GST Collection Insights

In addition to State GST, Odisha has also recorded a significant increase in its Gross GST collection, which includes Central GST (CGST), Integrated GST (IGST), and cess. For July 2024, the total Gross GST collection was Rs. 4925.02 crore, compared to Rs. 4245.40 crore in July 2023. This represents a growth rate of 16.01%.

The progressive collection under Gross GST up to July 2024 stands at Rs. 20841.33 crore, compared to Rs. 18058.84 crore during the same period in the previous year, indicating a growth rate of 15.41%. These figures underline the sustained growth trajectory of the state’s revenue.

Key Highlights of Gross GST Collection:

  • July 2024 Gross GST Collection: Rs. 4925.02 crore
  • July 2023 Gross GST Collection: Rs. 4245.40 crore
  • Growth Rate: 16.01%
  • Progressive Collection (up to July 2024): Rs. 20841.33 crore
  • Progressive Collection (up to July 2023): Rs. 18058.84 crore
  • Growth Rate (Progressive): 15.41%

Comprehensive Revenue Growth

The collection under all Acts monitored by the Commissionerate of CT & GST, including OGST, IGST Settlement, VAT, and Profession Tax, stood at Rs. 3209.66 crore for July 2024. This marks an increase from Rs. 2716.52 crore in July 2023, resulting in a growth rate of 18.15%. The progressive growth rate under all acts up to July 2024 is recorded at 19.60%, showcasing a healthy trend across various tax streams.

Detailed Overview of Revenue Collection:

  • Total Collection (All Acts) July 2024: Rs. 3209.66 crore
  • Total Collection (All Acts) July 2023: Rs. 2716.52 crore
  • Growth Rate: 18.15%
  • Progressive Growth Rate (up to July 2024): 19.60%

E-Way Bill Generation Insights

The increase in GST collections is further supported by a rise in e-way bill generation, which serves as an indicator of economic activity in the state. In July 2024, 21.02 lakh e-way bills were generated, compared to 20.13 lakh in July 2023, reflecting a growth of 4.44%. This growth in e-way bills suggests an increase in the movement of goods, which is a positive sign for the state’s economy.

Breakdown of E-Way Bills:

  • E-Way Bills Generated (July 2024): 21.02 lakh
  • E-Way Bills Generated (July 2023): 20.13 lakh
  • Growth Rate in E-Way Bills: 4.44%
  • Intra-State E-Way Bills: 12.10 lakh
  • Inter-State E-Way Bills: 8.92 lakh

The distribution of intra-state and inter-state e-way bills indicates a healthy balance in trade activities within and outside the state.

Conclusion

The significant growth in GST collections and e-way bill generation in Odisha for July 2024 is a positive indicator of the state’s economic health. The robust performance in both State and Gross GST collections highlights effective tax policies and enhanced compliance among businesses.

As Odisha continues to make strides in revenue generation, the government is expected to leverage this growth to improve infrastructure, enhance public services, and foster an environment conducive to business and investment.

These developments will not only strengthen the state’s economy but also improve the overall quality of life for its residents.

Odisha #GST #EconomicGrowth #TaxCollection #StateGST #GrossGST #Revenue #EwayBill #Finance #Government #July2024 #Business #Trade #EconomicActivity #TaxPolicy #OdishaEconomy #GrowthRate

Share on Facebook Share on Twitter