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State collects gross GST of Rs 54,747 cr in 2023-24 Registers 10.73% growth

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BHUBANESWAR: The Gross GST collection for the Financial Year (FY) 2023-24 displayed a promising trend, reaching Rs 54,747.97 crore, marking a growth of 10.73 percent compared to the same period in FY 2022-23. Official data reveals that Odisha achieved its second-highest ever Gross GST collection (CGST + IGST + OGST + Cess) in March 2024, amounting to Rs 5,109.33 crore, exhibiting a growth rate of 7.59 percent compared to March 2023. The peak Gross GST collection was observed in February 2024, totaling Rs 5,135.81 crore.

Furthermore, the state recorded its third-highest ever State GST collection (OGST + IGST settlement) in March 2024, reaching Rs 2,305.90 crore, showcasing an impressive growth rate of 20.13 percent compared to March 2023. Notably, the highest and second-highest State GST collections were achieved during the current FY, with Rs 2,700.85 crore in November and Rs 2,528.41 crore in December, respectively. Of this, OGST collection in March amounted to Rs 1,659.31 crore, ranking as the third-highest ever OGST collection. The peak OGST collections were recorded in April 2022 and April 2023.

The cumulative State GST collection (OGST + IGST Settlement) until March 2024 stood at Rs 24,051.45 crore, marking a substantial growth rate of 29.31 percent compared to the same period until March 2023.

Under the purview of the Commissioner of CT and GST, Odisha, including OGST, IGST settlement, VAT, and Professional Tax, the collection for the last month amounted to Rs 4,458.83 crore, displaying a growth rate of 14.35 percent compared to March 2023. The cumulative collection under all Acts until March 2024 reached Rs 37,160.81 crore, demonstrating a growth rate of 19.80 percent compared to the corresponding period until March 2023.

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