Karnataka ranks No 2 in GST collection in India with 26% increase from 2023, Maharashtra leads
Karnataka retains its second-highest position in Goods and Services Tax (GST) collection for March 2024, trailing behind Maharashtra. Despite ranking second, Karnataka has shown impressive growth, with a 26% increase compared to the previous year. Nationwide, March 2024 marks the second-highest GST collection on record, indicating an 11.5% increase from the previous year.
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FollowIn a recent report released by the Ministry of Finance, Karnataka has maintained its position as the second-highest contributor to the Goods and Services Tax (GST) collection in the country for March 2024. With a total GST collection of 11,392 crores, Karnataka continues to trail behind Maharashtra, which leads the nation with a staggering collection of 27,688 crores.
Despite ranking 2 in the collection, Karnataka shines as a beacon of progress among major states with robust economies. Over the past year, the state has demonstrated significant advancement, securing the top position in terms of GST collection growth. Comparing March 2023 to March 2024, Karnataka has witnessed a remarkable surge, collecting 13,014 crores, marking a notable 26 per cent increase from the previous year's collection of 10,360 crores.
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The nationwide GST collection for March 2024 stands at an impressive 1.78 lakh crore, marking the second-highest collection on record. This achievement, announced by the Ministry of Finance, reflects an 11.5 per cent increase compared to the same period last year. However, it falls slightly behind the record-high collection of 1.87 lakh crore recorded in April 2023.
Furthermore, the cumulative GST collection for the previous financial year amounted to 20.18 lakh crore, indicating an 11.7 per cent increase compared to the fiscal year 2022-23. This surge in collection has elevated the average GST collection from 1.5 lakh crore to 1.68 lakh crore, signifying a steady growth trajectory.
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