Maharashtra has again collected the highest Goods and Services Tax (GST) revenue for the year 2022-23 in the country. The state has collected INR 2.7 lakh crore in GST, which is more than twice of Karnataka.
Maharashtra's GST fund is expanding the fastest in India, with a Compound Annual Growth Rate (CAGR) of 12.3% from 2018-19 to 2022-23. This growth rate was higher than Gujarat and Karnataka's respective figures of 11.7% and 11.8%. Maharashtra's growth rate was also significantly higher than the entire country's CAGR of 11.3%.
The state's growth rate is a testament to its speed of economic activity and increased GST collections.
GST revenues are a crucial gauge of economic activity as they depend on consumption. Nearly 60% of Maharashtra's revenues come from GST, making it the principal source of income for the state.
The state's electronic bills (e-bills) for 2022-2023 totalled INR 15 crore, a 27% increase from the prior year. Maharashtra also has the highest e-way bill generation rates in the country.
Maharashtra is a vital state for local and foreign investments. The state's speed of economic activity and increased GST collections are important factors for investments.
The state's GST department has increased vigilance and taken action against defaulters, resulting in an increase in GST collections. Last year, the state collected INR 2.2 lakh crore in GST, and collections have increased by INR 52,353 crore or a sharp 24% from 2021-22.
Tamil Nadu reported INR 1 lakh crore, while Gujarat reported INR 1.1 lakh crore.
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