GST bonus: Maharashtra collects 28% more revenue in April-uly 2018 over same period last year
Revenue from the Goods and Services Tax (GST) has emerged a silver lining for cash-strapped Maharashtra. The state collected Rs 45,626 crore in the first four months of this financial year. This is a 28.3% jump from the indirect taxes collected between April and July 2017, according to data data from the state GST commissioner.
During April-July 2017, when GST had not yet come into force, the state’s revenue from indirect taxes was Rs 35,548 crore. The GST regime was introduced on July 1, 2017.
Maharashtra is also among the leading states in GST payments. It has a 14.77% share in the country’s GST payments for the April-July period this year.
The GST paid in India in this period was Rs 3.89 lakh crore. The GST paid in Maharashtra was Rs 57,545 crore.
However, it is not clear whether the same pace of revenue collections will continue in the face of GST rate cuts. In July, the GST Council reduced the tax rates on more than 50 items in an attempt to rationalize the tax structure. “The full impact of the rate cut will reflect by the time the August returns are filed,” said senior officials.