Maharashtra's GST collection has seen a substantial growth of 18% between April and July this year. This is more than the national growth rate of 11–12%. The state's revenue journey began with a high point in April, peaking at a notable INR 33,196 crore (USD 4.6 billion). It was followed by a slight dip in May. June and July marked a resurgence, with revenue bouncing back again.
This increase can be attributed to the good performance of the services and manufacturing sectors within the state. Alongside this, the central government's efforts to fight tax evasion played an important role.
Maharashtra's 18% growth is higher than the current national growth rate of 11–12%. This momentum has managed to push the state's GST collection growth rate to range from 16% to 21%. This is an upward trajectory from its 15% contribution to the nation's total GST collection in the previous fiscal year.
April has witnessed INR 33,196 crore, registering a substantial 20.74% increase from the previous year. While May experienced a dip, recording INR 23,536 crore, representing a decrease of 15.87%. The subsequent months showcased a noteworthy recovery. June's revenue surged to INR 26,098 crore, marking an impressive growth rate of 16.82%, while July's figures stood at INR 26,064 crore, showing a growth rate of 17.78%.
Apart from the monthly integrated GST contribution, the state's SGST collection showed fluctuations. It ranged from INR 7,409 crore to INR 10,392 crore.
Looking ahead, Maharashtra has set its sights on an annual revenue target of INR 1,36,041 crore in GST collection. This would require a monthly revenue of INR 11,337 crore. This projection is 7% higher than the previous month.
Adding to the dynamic equation is the boost that the economy could receive during an election year. This is expected to contribute to the ongoing growth. Last fiscal year, Maharashtra collected INR 2.7 lakh crore from. This constituted 15% of the national total of INR 18.1 lakh crore.
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