Odisha experienced its highest ever collection of GST in February since its implementation. Last month’s gross GST collection amounted to Rs 5135.81 crore, marking a significant milestone and surpassing the previous highest collection of Rs 5,035.74 crore in April 2023 by approximately Rs 100 crore. This achievement is expected to propel revenue from GST beyond the budget estimate for the first time, surpassing the estimated Rs 35,800 crore for the fiscal year 2023-24.
The revenue collected in February exhibited a robust increase of 13.64 percent compared to the same month in 2023, with the state garnering Rs 4,519.35 crore during the same period last year. This growth was predominantly attributed to the escalation in GST from domestic transactions. Official sources revealed that the progressive gross GST collection during the 2023-24 fiscal year until February reached Rs 49,638.64 crore, reflecting a growth rate of 11.07 percent over the corresponding period of 2022-23. The surge in GST collection was attributed to the buoyancy observed in the state’s economy, particularly in the manufacturing, services, and trading sectors.
February also witnessed a notable increase in the generation of waybills, with 23.77 lakh generated, indicating a growth of 19.69 percent and reflecting the vibrancy of the state’s economy. Commissioner of CT and GST, Sanjay Kumar Singh, attributed the exceptional performance of the mining and manufacturing sectors to the rise in GST revenue, signifying a substantial increase in local consumption. Additionally, Singh highlighted the impact of the drive to ensure the reversal of IGST credit, which was previously accumulated in the credit ledger of various taxpayers, including PSUs and companies operating in exempted/non-GST sectors.
Furthermore, Odisha recorded the third-highest ever collection of state GST in February, totaling Rs 2,295.41 crore, marking a remarkable growth of 37.12 percent compared to the same month last year. The progressive collection of state GST exhibited a growth rate of 30.74 percent, amounting to Rs 21,846.55 crore collected in the last 11 months of the fiscal year compared to Rs 16,710.34 crore during the April to February period in 2023.
In terms of overall collections under all acts monitored by the Commissionerate of CT & GST, including OGST, IGST settlement, VAT, and profession tax, February saw a collection of Rs 3,470.75 crore, indicating a substantial increase from Rs 2,765.44 crore collected in February 2023. The progressive collection under all acts up to February reached Rs 32,807.67 crore, further highlighting the positive trajectory of revenue generation in the state.