Record-breaking GST Collection in Maharashtra Surpasses Rs 3 Lakh Crore Mark; Investigation Branch Achieves Historic Revenue in Raids; Officials
By: Admin
April 18, 2024
Categories: GST Recent News
4 Min Read
Maharashtra’s GST collection in the financial year 2023– 24 has crossed the Rs 3 lakh crore mark for the first time since the implementation of the Goods and Service Tax system.
According to the Deputy Commissioner of Taxation, Mumbai, in a statement on Wednesday, the state’s Goods and Services Tax (SGST) collection this year reached Rs 3.2 lakh crore. Compared to last year, it has recorded a sharp increase of 18 per cent.
The SGST collection in the state of Maharashtra (Rs. 20.2 lakh crore) in the gross goods and services tax collection of the country has been recorded at 16 percent, and compared to last year (15 percent), there is an increase of about 1 percent. Also, the state’s growth rate in GST collection (18 percent) is higher than the national average (12 percent).
Looking at the net revenue of the state, it received highest revenue of Rs 1,41,700 crore from GST, of which Rs 93,400 crore was from state SGST and Rs 48,300 crore from the state’s share of integrated tax.
The state has recorded an increase of 20.2 percent in state goods and services tax revenue compared to the previous year, and the state’s share in the integrated tax has also seen an increase of 24 per cent (excluding ad hoc in the previous year). The revenue from VAT on petrol and liquor products is Rs 53,200 crore.
The overall revenue growth rate of GST, value-added tax, and business tax in the state is 11 per cent, which is higher than the growth rate of the estimated gross state product (10 percent) in the financial year 2023–24.
The overall revenue collection is more than the budgeted estimate of Rs 1.95 lakh crore for 2023–24.
In the raids conducted on the basis of data analysis, the investigation branch has collected a revenue of Rs. 2000 crore in nearly 1,200 cases. Also, arrests have been made in 24 cases. The revenue collected by the Investigation Branch is the highest ever in all financial years.
Source from: https://www.uniindia.com/news/business-economy/maha-gst/3181391.html