When other sources of state revenue income were finding it difficult to go beyond the projections, the Goods and Services Tax (GST) collection did it with a record, proving it as the state’s primary source of revenue income. Against expectations of Rs 2.21 lakh crore, the GST collection for the last fiscal year 2024-25 registered a 13.6% growth, with collections reaching Rs 2.25 lakh crore.
The state economy, which is in rough waters due to some populist schemes such as Ladki Bahin and others, was hoping for a good revenue income generated from the last fiscal that ended on March 31. The figures of the transport department, the stamps and registration and the state excise found it difficult to meet the targets, say the figures.
The GST, the stamps and registration, the state excise and the transport departments have been the major sources of the state revenue income.
According to the State GST department, income from the GST alone in the year 2024-25 was Rs 1.63 lakh crore, and it was Rs 59,231 crore from the value added tax (VAT) applicable on the sales of liquor and petroleum products. The income through the Professional Tax (PT) came as Rs 3,072 crore, bringing the total to Rs 2.25 lakh crore.
Terming this as an outstanding achievement, the department says the total collection amounts to 60% of the state’s total own tax revenue, surpassing the budget estimates of 2.21 lakh crore. The GST collections alone showed 14.8% growth compared to the fiscal year 2023-24. The GST collection of Maharashtra is more than double the size of the second-largest state, Uttar Pradesh, which is Rs 84200 crore.
On the other front, the Stamps and Registration Department income stands at Rs 57,669 crore against the projected income of Rs 60,000 crore. The State Excise Department added its might with Rs 25,500 Crore against the projected income of Rs 30,500 Crore. The Transport Department, which is another important source for the state revenue income, somehow matched its target of Rs 14875 crore compared to the projected income of Rs 14775 Crore.
India’s goods and services tax collections surged by 9.9% to Rs 1.96 lakh crore during March this year compared to the same month of the previous year, reflecting the higher level of economic activity and better compliance.
Maharashtra, Karnataka, Gujarat, Tamil Nadu and Uttar Pradesh were the top five contributors to GST collections in March.
Maharashtra paid Rs 31,534 crore in March, a 14% increase compared to March last year.
Source from: https://www.freepressjournal.in/mumbai/maharashtra-surpasses-revenue-target-as-gst-collection-hits-225-lakh-crore
