[CA/Econ] Maharashtra tops in GST earning

Maharashtra has topped in GST collections, mopping up more than Rs.13,400 crore in July -the first month after the new tax came into force.

The state collected Central GST of Rs.3,467 crore, with Rs.4,809 crore coming to its kitty as State GST. The state has also collected cess of Rs.846 crore, which will be used to plug the shortfall on account of shifting to the new taxation regime.

The GST constitutes CGST and SGST, which are the centre and state's share respectively. Apart from this, there is IGST, which is the tax collected by a state in which good or services are supplied. For example, if Maharashtra supplies an item to Gujarat, the latter will gets its share in the form of Integrated Goods and Services Tax.

In the first month of GST implementation, the government has collected Rs.92,283 crore as overall GST. This includes all three types of levies. Maharashtra's share in IGST stands at Rs.4,341 crore. IGST is shared between the Centre and states where goods or services have been supplied from Maharashtra. Even Maharashtra will get its share of IGST for imports from other states and overseas which will be further added to the total collection of Rs.13,400 crore.

Karnataka stands second in terms of total GST at Rs.6,904 crore. As for CGST, Tamil Nadu immediately follows Maharashtra. Maharashtra also tops in GST returns filed, in absolute numbers. Of 8.64 lakh who were to file returns, over 6 lakh have done in the state. It is nearly 70% of total assessees.