Published On : Sat, Apr 13th, 2024

Nagpur Zone mops up record Rs 20,806 cr CGST collections in FY 2023-24

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Nagpur: The Indian economy seems to be witnessing impressive growth in FY 2023-24 as the indirect tax revenue mop-up is indicating strong economic activity. Reflecting this trend, the Nagpur Zone CGST revenue collections have been registered at record Rs 20,806 crore from April to March of FY 2023-24.

According to official data, the Nagpur Zone Central Goods and Services Tax (CGST) collections stood at Rs 20,806 crore for the financial year (FY) 2023-24, as compared to Rs 16,909 crore in the financial year (FY) 2022-23, higher by Rs 1,990 crore or a rise of 23 percent. The tax collections in Nagpur Zone CGST are showing phenomenal growth with the pick-up in economic activity. The record revenue collections can be attributed to acceleration in economic activity and the effects of higher inflation.

The rise in prices of raw material and finished products has contributed to higher collections, said a report. Nagpur Zone CGST consists of 24 districts including 11 of Nagpur I and Nagpur II Divisions, 8 of Aurangabad Division and 5 of Nashik Division. The official figures mentioned that Nagpur I registered a revenue collection of Rs 5,239 crore in FY 2023-24, as compared to Rs 4,092 crore in FY 2022-23. Nagpur II recorded a revenue collection of Rs 5,914 crore in 2023-24, as compared to Rs 5,041 crore in FY 2022-23.

Aurangabad Division posted a revenue collection of Rs 4,174 crore in FY 2022-23, whereas Nashik Division posted a revenue collection of Rs 5,479 crore, as compared to Rs 4,277 crore in FY 2022-23. In Nagpur Zone, the major contributors towards the revenue collections included coal, steel, cement and automobile sectors. Western Coalfields Limited, Skoda, Manikgarh Cement, Ultratech Cement and Maratha Cement are the major contributors in Nagpur Zone.