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Mumbai

Updated on: Tuesday, November 02, 2021, 09:18 AM IST

Maharashtra's GST collection rises by 16.7% in October, revenue receipts dip by 11.58%

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Maharashtra’s GST collection for October rose by 16.70% to Rs 19,355 crore against Rs 16,584 crore in September. This is in line with the trend in economic recovery and also the trend in the e-way bills generated every month since Covid-19 second wave.

However, the state government’s revenue receipts for October dipped by 11.58% to Rs 22,582.60 crore against Rs 25,541.07 crore. This shows that even though there has been an increase in major tax collection of Rs 17,705.52 crore in October against Rs 16,281.79 crore in September, the non-tax revenue has fallen to Rs 393.33 crore against Rs 1,262.08 crore. In addition, the grant in aid was reduced to Rs 1,480.60 crore against Rs 4,994.05 crore.

According to the state finance department’s monthly compilation of revenue receipts for October, the government has not received anything towards GST compensation from the Centre. It had received Rs 3,945.50 crore from the Centre towards GST compensation in September. A senior state finance department officer told the Free Press Journal, "The Centre has yet to release Rs 22,158.82 crore to the state government towards GST compensation. The Deputy Chief Minister Ajit Pawar, who holds finance and planning portfolios, at the recently held GST Council had urged to clear dues towards GST compensation as the money can be spent on a slew of development and welfare schemes.’’ He admitted that the recovery of the economy has yet to gather momentum despite the government's decision to relax Covid-19 restrictions.

The state government in the annual budget for 2021-22 had estimated total receipts excluding borrowings at Rs 3,71,319 crore, an annual increase of 14% over 2019-20. In 2020-21, total receipts (excluding borrowings) fell short of the budget estimate by Rs 57,959 crore (a decrease of 17%). In 2021-22, the revenue deficit is estimated to be Rs 10,226 crore, which is 0.34% of the GSDP. In 2020-21, the state had estimated a revenue deficit of Rs 46,178 crore (1.73% of GSDP) at the revised stage.

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Published on: Tuesday, November 02, 2021, 09:18 AM IST
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