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Saturday, January 29, 2022

Maharashtra: GST collection declines by 15 per cent

The state received Rs 10,894.03 crore as its share under the Central GST tax, the report said. It added that the total receipts under GST was Rs 80842.59 crore.

By: Express News Service | Mumbai |
Updated: December 29, 2021 7:54:51 am
The state received compensation worth Rs 17423.37 crore on account of loss of revenue arising out of implementation of GST during 2020-21.

For the year 2020-21, the state has collected Goods and Services Tax (GST) worth Rs 69,948.56 crore, lesser than the Rs 82601.59 crore collected the previous year, registering a decrease of 15 per cent.

This is as per the state finance accounts report (2020-21) tabled in Legislative Assembly on Tuesday.

The state received Rs 10,894.03 crore as its share under the Central GST tax, the report said. It added that the total receipts under GST was Rs 80842.59 crore. The state received compensation worth Rs 17423.37 crore on account of loss of revenue arising out of implementation of GST during 2020-21.

The report recorded the outstanding debt of Maharashtra for 2020-21 at Rs 428481.78 crore, amounting to 16 per cent of the state GSDP. The permissible limit for outstanding debt cannot exceed 25 per cent of the GSDP. Currently, state GSDP for 2020-21 works out to be Rs 2661629 crore.

The report pointed that the state has a revenue deficit of Rs 41,141.85 crore in 2020-21 — 1.5 5 per cent of the GSDP. It added that the fiscal deficit is Rs 71558.05 crore, which is 2.69 per cent of the state GSDP.

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