In the fiscal year 2023–24, Maharashtra’s GST collection surpassed Rs 3 lakh crore, marking the first time this milestone has been reached since the introduction of the Goods and Services Tax system.
As per the Deputy Commissioner of Taxation in Mumbai, the state’s Goods and Services Tax ( SGST ) collection for the year amounted to Rs 3.2 lakh crore, reflecting a notable 18% surge compared to the previous year.
Within the national gross goods and services tax collection of Rs. 20.2 lakh crore, Maharashtra’s SGST contribution stood at 16%, marking a 1% increase from the previous year’s 15%. Moreover, the state’s GST collection growth rate of 18% outstrips the national average of 12%.
In terms of net revenue, Maharashtra garnered its highest GST revenue of Rs 1,41,700 crore, comprising Rs 93,400 crore from state SGST and Rs 48,300 crore from the state’s share of integrated tax.
The state witnessed a 20.2% surge in state goods and services tax revenue from the prior year, alongside a 24% increase in the state’s share of integrated tax (excluding ad hoc from the previous year). Notably, revenue from VAT on petrol and liquor products amounted to Rs 53,200 crore.
The collective growth rate of GST, value-added tax, and business tax in Maharashtra stood at 11%, exceeding the estimated gross state product growth rate of 10% for the fiscal year 2023–24.
Through data-driven raids, the investigation branch generated Rs 2000 crore in revenue across approximately 1,200 cases, resulting in 24 arrests. This revenue collection by the Investigation Branch marks a historic high among all financial years.
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