With a total GST collection of Rs 3,340.56 crore on Feb 21, the state has increased with a 20% rise with respect to the national average of 7 pc, it is the highest among all the bigger states. In February 2020 GST collection was Rs 2,790.16 crore.
In the total GST collection, the state has been recorded with the highest rise with respect to the other major states for the last 3 months. In January the growth was within the 25.3 % it was 20% in Dec last and now in the present year in February.
In IGST collection there is a 69.8% rise in the revenue which has come to last with Rs 1345.79 cr with respect to Rs 792.59 cr in Feb 2020. The commissioner of CT and GST Sushil Kumar Lohani stated the surge in IGST collection was due to greater interest from different states for primary raw materials and intermediate products manufactured in Odisha like iron ore, steel, bauxite, aluminum, and coal.
Odisha has been posted with 0.5% in SGST 0.87 pc in CGST and 2.72 pc in Cess. The SGST collection for Feb was Rs 781.06 crore with respect to Rs 777.71 crore collected during the last month.
The total collection of Value Added Tax (VAT) is Rs 828.94 crore via petrol and others in Feb was the 2nd highest in the present FY enrolling with a growth of 18.96%. The collection from the petroleum products stood at Rs 670.55 crore against Rs 542.16 crore and from others, it was Rs 158.39 crore.
But the collection of the total GST and SGST which was negative with -35.25% and -32.79% respectively at the end of the 1st quarter having the lockdown due to coronavirus has been recovered with -1.76 pc and -7.55 pc by the deadline of February this year correlated to the corresponding period of last financial year (FY).
With respect to Rs 27,044 crore collected during April and Feb month in last year the present year and same month’s revenue has stood at Rs 26,567 crore. CT and GST officials are seeking to raise the tax base of GST with regular surveys and enrollment. Nearly 42,796 new registrants have been conducted beneath the GST fold in the current FY.
In the meantime, the commissioner has held to initiate the law action with respect to the withdrawal if they had found with any evading the directives relating to mandatory Government procurement of goods and services Get to know GST provisions and rules on the free supply of goods. Also, we have included rules regarding ITC reversal on free supplies of goods and services from GST registered dealers.