Maharashtra GST collection up 6.4% in Q1 at Rs 46,587 cr; sets target to become $1-trillion economy by 2025

Mumbai: Maharashtra revenue minister Sudhir Mungantiwar on Monday said the state recorded a marginal 6.38 percent growth in GST collection at Rs 46,586.93 crore during the first quarter of the current fiscal year. In the June quarter of FY19, the state had mopped up Rs 43793.96 crore from the Goods and Services Tax (GST), he added. [caption id=“attachment_4799391” align=“alignleft” width=“380”] Representational image. News18.[/caption] Addressing a function on the second anniversary of the one-nation-one-tax regime, the minister said better tax collection is necessary for the financial independence of not only of the state but the nation at large as well. “As the country aspires to be a $5-trillion economy by 2025, Maharashtra has also set a target of being a $1- trillion economy by that time. Currently, our share in Gross Domestic Product (GDP is 15 percent and to reach the 2025 target we will have to take it to 20 percent. For this, we need to work towards increasing GST collection,” Mungantiwar added. Maharashtra’s share in GST collection was 14.44 percent in FY19, when the state collected Rs 1.7 lakh crore while the national GST collection in FY19 was Rs 11.77 lakh crore, he said.