In November, Maharashtra’s GST collections that had earlier risen in October during which many festivities were celebrated, witnessed a fall of INR 699 crore, stated reports.
According to the latest statistics, the collections fell from INR 19,355 crore in October to INR 18,656 core in November. But, Maharashtra’s GST collections in the eight months of the financial year (from April to November) are 61.5 per cent higher in contrast to that last year.
Collections in the said time frame are INR 1,20,752 crore in 2021 in contrast to INR 74,665 crore in 2020. The GST is believed to be an indicator of economic activity since it is a consumption-based tax.
Additionally, many narratives claim that the state’s GST collections are the foremost in India. It is also claimed to be the prominent revenue earner for the Maharashtra government. Based on narratives, officials have attributed this fall in GST earnings to two reasons.
Firstly, purchases in the festive season during October were greater than that of November. Secondly, GST fillings are usually higher in October, since many tend to file their returns on a quarterly basis, mentioned accounts.
On the other hand, GST collections for November 2021 are 32.5 per cent larger than that of the same month in 2020. This November, the collections are INR 16,428, whilst in November 2020 they were INR 12,403. Many believe the reason for this is the strict lockdown imposed last year which slowed the economic recovery.
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