GST collections of Maharashtra in October rose, logging an increase of nearly 17 per cent compared to the earlier month. Collections were INR 19,355cr which is the second-highest number in 2021 after April, highlighted reports.
Based on accounts, data depicts that in October collections were INR 2,771cr greater than September whose numbers were INR 16,584cr. The October GST revenue in Maharashtra is 23 per cent larger than in October 2020.
GST is a consumption-based tax that highlights economic activity. The state’s GST collections are the foremost in India and are the prominent revenue avenue for the Maharashtra government. GST revenue showcase transactions done in the earlier month. Officials are of the opinion that the rise in collections highlights the onset of the festive season and the release of pent-up demand that was brought to light due to the lockdown restrictions.
Reports quoted a senior official who elaborated on how considering that COVID-19 restrictions are less, the state began lifting restrictions on movement. Therefore, people were able to travel as well as shop freely, releasing pent-up demand. It is due to these reasons that the figures have risen.
According to reports, data throws light on the fact that GST collection from April-September 2021 is 46.4 per cent greater than the same duration in 2020. In April-October 2020, collections were INR 81,499, whilst this year it was INR 1,19,313. Signifying an increase of 37,814cr.
In 2020, the coronavirus lockdown was strict, with the majority of the sections, apart from agriculture, were shut. Additionally, only essential services were allowed to function.
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