Maharashtra continues to post the largest GST collection in the nation, making up about 15% of the overall total in 2022–2023. With a compound annual growth rate (CAGR) outpacing all other states between 2018-19 and 2022-2023, its GST fund is likewise expanding quickly.
According to the most recent statistics, Maharashtra’s GST revenue for the fiscal year 2022-23 was Rs 2. 7 lakh crore. This is more than double the collection of Karnataka, which posted 1. 2 lakh crore, the country’s second-biggest GST collection. Gujarat came in third with Rs 1.1 lakh crore, followed by Tamil Nadu with Rs 1 lakh crore. The state’s CAGR between 2018-19 and 2022-23 was 12.3%, higher than Karnataka’s 11.8% and Gujarat’s 11.7%. The state’s growth rate was much greater than the national CAGR of 11.3%.
GST collection is a consumption-based tax that is an essential indicator of economic activity. It is the state’s primary revenue generator, accounting for about 60% of total revenues.
Top authorities stated that the influx of investments into the state was a major cause for the state’s increased economic activity and greater GST collections. “Maharashtra is an important state for both local and foreign investment.” “The GST department has also increased monitoring and clamped down on defaulters,” a senior official stated. Last year, the state collected 2. 2 lakh crore in GST. This indicates that revenue has increased by Rs 52,353 crore, or 24%, from 2021-22. The state also has the highest e-way bill-generating rate in the country. The state’s GST e-way bills for 2022-23 totalled 15 crores, a 27% increase over the previous year.
