The Indian economy seems to be booming in the FY 2023-24 as the indirect tax collections are indicating strong economic activity. Reflecting this trend, the Nagpur Zone CGST revenue collections hit a record high of Rs 10,321.91 crore for the period April to September of FY 2023-24. In Nagpur Zone, the major contributors towards the revenue collections included coal, steel, cement and automobile sectors. According to official data, the Nagpur Zone Central Goods and Services Tax (CGST) collections stood at Rs 10,321.91 crore for the financial year (FY) 2023-24. This is much higher as compared to CGST collections at Rs Rs 8,369.04 cr in the same period of FY 2022-23, a rise of Rs 1,952.04 crore translating to an increase of 23.33 per cent. The tax collections 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 high inflation. The rise in prices of raw material and finished products has contributed in higher collections, said an official on the condition of anonymity. Western Coalfields Limited, Skoda, Manikgarh Cement, Ultratech Cement and Maratha Cement are the major contributors in Nagpur Zone which consists of 24 districts including 11 of Nagpur Division, 8 of Aurangabad Division and 5 of Nashik Division.