- Odisha’s Gross GST (CGST+ IGST+ OGST + Cess) collections witnessed a remarkable surge, marking a 13.64% increase to reach an all-time high of Rs 5135.81 crore in February 2024.
- A significant highlight was the “phenomenal” growth rate of 37.12% in state GST revenue, amounting to Rs 2295.41 crore in February 2024 compared to Rs 1673.96 crore in February 2023.
- the cumulative collection of state GST (OGST + IGST settlement) until February 2024 stood at Rs 21846.55 crore, showcasing a substantial growth rate of 30.74% from the previous fiscal.
- The impressive growth in GST collections reflects the resilience and vibrancy of Odisha’s economy, indicating a positive outlook.
- This surge in GST collections is indicative of Odisha’s efforts to bolster economic growth through effective fiscal management and policy interventions.
Odisha’s Gross GST (CGST+ IGST+ OGST + Cess) collections witnessed a remarkable surge, marking a 13.64% increase to reach an all-time high of Rs 5135.81 crore in February 2024 compared to Rs 4519.35 crore in the same period last year, according to officials.
The state’s progressive gross GST collection for the fiscal year 2023-24, up to February 24, reached Rs 49638.64 crore, demonstrating a robust growth of 11.07% over the corresponding period of the previous fiscal.
A significant highlight was the “phenomenal” growth rate of 37.12% in state GST revenue, amounting to Rs 2295.41 crore in February 2024 compared to Rs 1673.96 crore in February 2023.
Moreover, the cumulative collection of state GST (OGST + IGST settlement) until February 2024 stood at Rs 21846.55 crore, showcasing a substantial growth rate of 30.74% from the previous fiscal.
Additionally, collections under all Acts monitored by the Commissionerate of CT & GST, Odisha, including OGST/IGST Settlement/VAT, and Profession Tax surged to Rs 3470.75 crore in February 2024, recording a growth rate of 25.50% from February 2023. The progressive collection under all Acts up to February 2024 amounted to Rs 32807.67 crore, with a growth rate of 20.84% compared to the corresponding period in the previous fiscal.
The surge in economic activity was further evidenced by the generation of 23.77 lakh waybills in February 2024, marking a substantial increase of 19.69% compared to February 2023. Out of these, 14.06 lakh were intra-state waybills, while 9.71 lakh were inter-state waybills, underscoring the buoyancy of the state’s economy.
The impressive growth in GST collections reflects the resilience and vibrancy of Odisha’s economy, indicating a positive outlook for continued economic development and prosperity in the region.
This surge in GST collections is indicative of Odisha’s efforts to bolster economic growth through effective fiscal management and policy interventions. The state’s proactive measures to stimulate economic activity, attract investments, and promote industrial development have contributed significantly to this impressive performance.
(With inputs from the agencies)
