Debt-ridden Maharashtra government has recorded a positive growth since the Goods and Services Tax (GST) was rolled out on July 1 last year, state Finance Minister Sudhir Mungantiwar said Tuesday.
He said the government revenue increased by Rs 25,000 crore or 39.52 per cent in the first quarter of the current financial year (2018-19).
Maharashtra was facing a revenue deficit of Rs 8500 crore when the BJP came to power in 2014.
The total debt of Maharashtra government is expected to be Rs 4,13,044 crore in 2017-18, as per the Economic Survey that was tabled in the state Legislature in March this year.
The minister credited strong consumer market in the state and the per capita income for the revenue growth.
In the recent history of state, only two finance ministers---Jayant Patil and Ajit Pawar (both NCP)---had tabled surplus annual budgets when the Congress-led UPA government was in power before 2014, according to Mungantiwar.
"Jayant Patil could table a surplus budget as he had transferred the huge amount collected as Professional Tax (PF) into the income side of the budget and Pawar had skipped an interest of the loan before March-end and hence his budget converted into surplus," Mungantiwar claimed.
He said it was for the first time in the history of Maharashtra's economy that the revenue growth has reached Rs 1,15940 crore in the first quarter of financial year 2017-18 from earlier Rs 90525.19 crore in 2016-17.
"We are surplus now after implementation of GST. It is our own revenue share," Mungantiwar said.
Between April to June 2017, the revenue collection stood at Rs 25,742.57 crore which was increased to Rs 35,915 crore in the same period in 2018, he said.
This is the period before and after the implementation of the GST.
The GDP of Maharashtra has jumped to Rs 27,96000 (27.96 lakh) crore in 2018 from Rs 10,49,000 (10.49 lakh) crore in 2010.
"It was interpreted that Maharashtra and Gujarat which are manufacturing states, will be more affected states by GST. On the contrary, critics had forgotten that we have population of 11.97 crore and these are the consumers.
"We have a per capita income of Rs 1.20 lakh per annum and this buying capacity has led to the increase in the annual revenue income of the state," said the minister.
Mungantiwar said industrialists contributed immensely in increasing the revenues of the state.
"On the other hand, politicians who have started sugar factories did not pay taxes and bank loans," he said.
"These politicians are the main culprits and I have asked Minister for Cooperative and Marketing Subhash Deshmukh to publish a white paper on how many cooperative factories have not paid taxes and loans," he said.
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