Surpasses Rs. 3 lakh crore milestone

In a remarkable achievement, the state of Maharashtra has surged ahead in goods and services tax (GST) collection for the financial year 2023-24, crossing the significant milestone of Rs. 3 lakh crore for the first time since the implementation of the GST system. This year, the state's GST collection has soared to Rs. 3.2 lakh crores, marking an impressive 18 percent increase compared to the previous year, as reported by the Deputy Commissioner of Taxes, Mumbai.

Maharashtra's contribution to the country's gross GST collection, amounting to Rs. 20.2 lakh crore, stands at 16 percent, showcasing a notable rise of approximately 1 percent from the previous year's 15 percent. Moreover, the state's growth rate in GST collection, standing at 18 percent, surpasses the national average of 12 percent.

Delving into the net revenue figures, Maharashtra has garnered the highest revenue of Rs. 1,41,700 crore from GST, comprising Rs. 93,400 crore from State Goods and Services Tax (SGST) and Rs. 48,300 crore from the state's share of integrated tax. This reflects a commendable 20.2 percent increase in state GST revenue compared to the previous year, with the state's share in integrated tax also witnessing a substantial 24 percent increase (excluding Ad hoc from the previous year). Additionally, revenue from value-added tax on petrol and liquor products amounts to Rs. 53,200 crore.

The overall revenue growth rate of GST, value-added tax, and business tax in the state stands at 11 percent, surpassing the growth rate of the estimated gross state product (10 percent) for the financial year 2023-24. The overall revenue collection exceeds the budgeted estimate of Rs. 1.95 lakh crore for the same period.

In a proactive move, raids conducted based on data analysis by the investigation branch have resulted in the collection of revenue amounting to Rs. 2000 crores in nearly 1200 cases. Additionally, 24 arrests have been made, marking the highest revenue collected by the Investigation Branch across all financial years.