Maharashtracontinues to report the highest GST collection in the country, accounting for almost 15% of the national figure in 2022-23. Its GST kitty is also growing the fastest, with its compound annual Growth rate (CAGR) between 2018-19 and 2022-23, outstripping all other states.
The latest data shows that Maharashtra’s GST collection for the financial year 2022-23 was Rs 2.7 lakh crore. This is more than twice the collection of Karnataka which reported 1.2 lakh crore, the second highest GST collection in the country.Gujaratwas placed third with Rs 1.1 lakh crore while Nadu reported Rs 1 lakh crore. The state CAGR between 2018-19 and 2022-23 was 12.3%, which is higher than that of Karnataka which is at 11.8% and Gujarat at 11.7%. The state’s growth rate was much higher than the national CAGR which stood 11.3%.
GST collections is a consumption-based tax and a key indicator of economic activity. It is the main revenue earner for the state and accounts for almost 60% of the state’s income.
The state’s e-way bill generations are also the highest in the country. The state’s e-away bills for 2022-23 amounted to 15 crore, which was a 27% rise from the previous year. By comparison, e-way bills for Gujarat amounted to 11.2 crore, which was a 19% rise from the previous year. E-way bills track the movement of goods above Rs 50,000 in the state.