Despite being at the top among other states at the national level in the GST collection for August, Maharashtra has witnessed a 14.75% dip in the GST collection which was Rs 18,863 crore against Rs 22,129 crore in July. The gross GST revenue collection for August was Rs 143612 crore against Rs 148995 crore, a 3.61% decrease.
State finance department sources told the Free Press Journal, ‘’Even though the state economy is on a revival path after the two years of the coronavirus pandemic, the domestic and global issues especially the Ukraine-Russia war and volatility in the oil market have impacted the growth. This has impacted the GST filing returns leading to a fall in the collection for the month of August.’’
Maharashtra’s GST collection was Rs 22,341 crore in June, Rs Rs 20,313 crore in May and Rs 27,495 crore in April.
The State GST (SGST) continues to be the major contributor to tax revenue as it contributes over 42.59%, followed by taxes on sales, trades 20.19% and stamp duty and resignation fees 15.48%.
In 2022-23, state GST (SGST) is estimated to be the largest source of tax revenue (47%). SGST revenue in 2022-23 is estimated at Rs 1,19,900 crore, which is an increase of 11% over the revised estimates for 2021-22.
