Mumbai: Even though Maharashtra continues to top the list of states with the GST collection of Rs 22,219 crore in July, it has dipped marginally by Rs 212 crore of June GST collection of Rs 22,341 crore. The decrease was 0.948%. The state finance department sources have downplayed a marginal fall saying that it will pick up in the months to come.
On the contrary, other competitive states including Karnataka and Tamil Nadu have reported a rise in GST collection. Karnataka’s GST collection rose to Rs 9,795 crore in July against Rs 8,845 crore in June, an increase of 10.74%. In the case of Tamil Nadu, its GST collection increased to Rs 8,449 crore in July against Rs 8,027 crore in June, a rise of 5.25%.
A senior state finance department officer told the Free Press Journal, ‘’In 2022-23, state GST (SGST) is estimated to be the largest source of its own tax revenue (47%). SGST revenue in 2022-23 is estimated at Rs 1,19,900 crore, which is an increase of 11% over the revised estimates of 2021-22. As per the revised estimates, the state is estimated to receive Rs 35,000 crore on account of GST compensation in 2021-22 (including back-to-back loan in lieu of compensation of Rs 13,782 crore).’’
The state government has yet to receive GST compensation worth Rs 15,502 crore. Against the state government’s claim since 2019-20 worth Rs 1,03,060 crore, the state has received Rs 61,799 crore and back-to-back loan was of the order of Rs 25,759 crore.
According to the union finance ministry, for five months in a row now, the monthly GST revenues have been more than Rs 1.4 lakh crore, showing a steady increase every month. The growth in GST revenue till July 2022 over the same period last year is 35% and displays a very high buoyancy. This is a clear impact of various measures taken by the Council in the past to ensure better compliance. Better reporting coupled with economic recovery has been having a positive impact on the GST revenues on a consistent basis. During the month of June 2022, 7.45 crore e-way bills were generated, which was marginally higher than 7.36 crore in May 2022.
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