BHUBANESWAR: Odisha recorded the highest ever collection of GST in February since roll out.
The gross GST collection of Rs 5135.81 crore last month is an all-time high and around Rs 100 crore more than the next highest collection of Rs 5,035.74 crore in April, 2023. With this, revenue from GST is expected to exceed the budget estimate for the first time and will substantially surpass Rs 35,800 crore estimated for 2023-24.
The revenue collected in February marked a robust 13.64 per cent increase as compared to that in the same month in 2023. The state had collected Rs 4,519.35 crore in February last year. The growth was driven by a rise in GST from domestic transactions.
Official sources said the progressive gross GST collection during 2023-24 (till February) is Rs 49,638.64 crore and it posted a growth rate of 11.07 per cent over the corresponding period of 2022-23. Apart from mining revenue, the significant rise in collection of GST was attributed to growth in manufacturing, services and trading sectors.
As many as 23.77 lakh of waybills were generated during February recording a growth of 19.69 per cent reflecting buoyancy in the state’s economy.
Commissioner of CT and GST Sanjay Kumar Singh said mining and manufacturing sectors have done exceptionally well. The rise in GST revenue indicates that the local consumption has gone up significantly. “Another important factor is IGST reversal. We have been running a drive to ensure reversal of IGST credit which was lying in the credit ledger of many taxpayers, including PSUs, companies, which were mostly operating in exempted/non GST sectors like energy and health care. They had been showing exempted sales all through the years without reversing the IGST credit lying in their account as per the provisions of law,” he said.
Odisha has also recorded the third highest ever collection of state GST (which includes IGST settlement) with a collection of Rs 2,295.41 crore in February as against the corresponding collection of Rs 1,673.96 crore recorded in the same month last year registering a phenomenal growth of 37.12 per cent. The progressive collection of state GST posted a growth rate of 30.74 per cent as Rs 21,846.55 crore was collected in last 11 months of the fiscal as compared to Rs 16,710.34 crore during the April to February period in 2023.
The collection under all acts monitored by the Commissionerate of CT & GST including OGST, IGST settlement, VAT and profession tax last month is Rs 3,470.75 crore. The state had collected Rs 2,765.44 crore under all acts in February 2023. The progressive collection under all acts up to February is Rs 32,807.67 crore.