MM TAX CLUB

Odisha has achieved a major milestone in its Goods and Services Tax (GST) collection, recording an all-time high of Rs 5,135.81 crore last month. This figure surpasses the previous record of Rs 5,035.74 crore collected in April 2023 by nearly Rs 100 crore. 

The surge in GST revenue is poised to exceed the budget estimate for the first time, substantially surpassing the projected Rs 35,800 crore for the fiscal year 2023-24.

February's GST collection witnessed a robust 13.64 per cent increase compared to the same period last year, reflecting the state's thriving economy. During February 2023, Odisha had collected Rs 4,519.35 crore in GST revenue. The growth trajectory can be attributed to a surge in GST from domestic transactions, particularly in the manufacturing, services, and trading sectors.

Official sources report that Odisha's progressive gross GST collection for the fiscal year 2023-24, until February, stands at Rs 49,638.64 crore, marking an impressive growth rate of 11.07 per cent over the corresponding period in the previous fiscal. This buoyancy in the economy is further evidenced by the generation of 23.77 lakh waybills in February, indicating a significant uptick in economic activity.

Commissioner of Commercial Taxes and GST, Sanjay Kumar Singh, attributes the exceptional performance in GST revenue to the success of the mining and manufacturing sectors. He highlights the rise in local consumption and underscores efforts to ensure the reversal of Integrated GST (IGST) credit, contributing to increased revenue.

In a remarkable feat, Odisha has also recorded the third-highest ever collection of State GST (SGST), including IGST settlement, amounting to Rs 2,295.41 crore in February. This figure represents a phenomenal growth of 37.12 per cent compared to the same month last year. The progressive collection of SGST reflects a growth rate of 30.74 per cent, with Rs 21,846.55 crore collected in the last 11 months of the fiscal year.

Overall, the collection under all acts monitored by the Commissionerate of Commercial Taxes and GST, including OGST, IGST settlement, VAT, and profession tax, totaled Rs 3,470.75 crore in February. 

This substantial increase from Rs 2,765.44 crore collected in February 2023 underscores Odisha's robust economic performance and revenue mobilisation efforts.