Even though Maharashtra continues to top among states with a GST collection of Rs 18,656 crore in November, the collection dipped by 3.61 per cent compared to the October collection of Rs 19,355 crore.
The fall is noteworthy despite the festive season and lifting of a slew of Covid-19 restrictions. The state’s GST collection in September was Rs 16,584 crore. However, the state government’s revenue receipts for November rose by a record 27.56 per cent to Rs 28,990.37 crore as against Rs 22,726.7 crore in October.
However, the revenue receipts were down by 2.52 per cent compared to Rs 29,742.11 crore in November 2020. According to the state finance department’s compilation, of the Rs 28,990.37 crore, the major tax collection was Rs 18,130.04 crore, share in central taxes Rs 6,000.30 crore, non-tax Rs 338.53 crore, grant in aid Rs 4,515.50 crore and GST compensation Rs 3,053.59 crore.
Against the budget estimate of revenue receipts of Rs 3,68,986.86 crore for 2021-22, the state government from April-November 2021 has mobilised Rs 1,80,716.61 crore, which is 48.98 per cent. The state government in the annual budget for 2021- 22 had estimated total receipts, excluding borrowings, at Rs 3,71,319 crore, an annual rise of 14 per cent over 2019-20. In 2020- 21, total receipts (excluding borrowings) fell short of the budget estimate by Rs 57,959 crore (a decrease of 17 per cent). In 2021-22, the revenue deficit is estimated to be Rs 10,226 crore, which is 0.34 per cent of the GSDP.
In 2020-21, the state had estimated a revenue deficit of Rs 46,178 crore (1.73 per cent of GSDP) at the revised stage. Meanwhile, the state Government is yet to receive GST compensation of Rs 25,481.23 crore from the Centre of its total demand of Rs 50,374.68 crore from 2019-20 onwards. The government has received Rs 11,111.15 crore and a loan of Rs 13,782.30 crore so far, while the dues towards GST compensation from the Centre are worth Rs 25,481.23 crore.