Latest news with #GrossStateDomestic
Time of India
2 days ago
- Business
- Time of India
Five states account for nearly 50% of active GST taxpayers; UP leads: SBI Report
As the Goods and Services Tax (GST) has completed eight years since its rollout, a recent report by SBI Research showed that just five states account for nearly 50 per cent of the total active GST taxpayers in India. This indicates a significant concentration of tax registration in a handful of states, highlighting the scope for improvement in others. Explore courses from Top Institutes in Select a Course Category Design Thinking Leadership Others Data Science CXO PGDM Management Public Policy Finance Digital Marketing Cybersecurity Product Management Operations Management MBA healthcare Healthcare Project Management Technology Degree others Data Analytics MCA Data Science Skills you'll gain: Duration: 25 Weeks IIM Kozhikode CERT-IIMK PCP DTIM Async India Starts on undefined Get Details Skills you'll gain: Duration: 25 Weeks IIM Kozhikode CERT-IIMK PCP DTIM Async India Starts on undefined Get Details Skills you'll gain: Duration: 22 Weeks IIM Indore CERT-IIMI DTAI Async India Starts on undefined Get Details It stated "Top 5 states accounted for approx. 50 per cent of total Active GST Tax Payers" by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 15 most beautiful women in the world Undo The five states leading in GST taxpayer registrations are Uttar Pradesh, Maharashtra, Gujarat, Tamil Nadu, and Karnataka. Among these, Uttar Pradesh tops the list, contributing 13.2 per cent of all active GST taxpayers in the country. It is followed by Maharashtra at 12.1 per cent, Gujarat at 8.4 per cent, Tamil Nadu at 7.7 per cent, and Karnataka at 6.9 per cent. Live Events While these states dominate in terms of taxpayer numbers, the report also made a key observation, It noted that some economically stronger states are underperforming in GST participation when compared to their share in the overall Gross State Domestic Product (GSDP). These include Telangana, Tamil Nadu, Kerala, Andhra Pradesh, and Karnataka, which have a lower share of active GST taxpayers than their contribution to the national GSDP. This reflects a gap in formalisation and indicates untapped potential for GST expansion in these states. In contrast, states such as Uttar Pradesh, Bihar, and Gujarat exhibit a reverse trend. Their share in total GST registrations is higher than their share in GSDP, suggesting greater formalisation and improved tax compliance. For example, Bihar contributes 4.3 per cent of total GST taxpayers, despite having only 2.8 per cent share in national GSDP. The report also highlighted that states like Uttarakhand, Chhattisgarh, Jammu & Kashmir, and Himachal Pradesh contribute very little to the total GST taxpayer base, with each accounting for 1.4 per cent or less. As GST has completed eight years of implementation, the data reveal that while progress has been made in expanding the tax base, a large untapped opportunity remains, particularly in wealthier and more industrialised states. This insight can help guide future policy efforts aimed at increasing formalisation and boosting GST compliance across all regions.
Time of India
16-07-2025
- Business
- Time of India
'Swarna Andhra Pradesh': N Chandrababu Naidu unveils $2.4-Trillion vision for 2047
The Andhra Pradesh government should ensure fiscal prudence and transparency in public finance in its journey to realise its Swarna Andhra Pradesh Vision 2047 goals, according to a Taskforce constituted by the State government on the road Swarna Andhra Pradesh 2047 Vision, launched by N Chandrababu Naidu-led NDA government, aims to make the State a $2.4-trillion economy by 2047 with a per capita income of $42,000, growing at a sustained annual growth of 15 per cent in the Gross State Domestic Product (GSDP). Show more Show less
Hindustan Times
15-07-2025
- Business
- Hindustan Times
U.P's GSDP reaches ₹29.6-lakh crore clocks 80% increase since 2020-21
: The Uttar Pradesh government on Monday claimed the state was marching ahead on the road to becoming a trillion-dollar economy and the GSDP (Gross State Domestic Product) is estimated to have reached ₹29.6 lakh crore in 2024-25. The chief minister emphasised the need to devise a focused strategy to raise the state's share to 10% by 2026 (Sourced) The state government had earlier indicated that the GSDP would reach ₹27.51 lakh crore by March 31, 2025. An official spokesman said this fact was mentioned to chief minister Yogi Adityanath at a high-level meeting convened to review the state's economy and revenue resources, besides working out measures to achieve the trillion-dollar economy goal. The chief minister described the state's economic journey as a transition from 'possibilities to results.' Those aware of the development said the GSDP's estimates of ₹29.6 lakh crore in 2024-25, indicate an impressive 80% increase since 2020-21. The state's contribution to the national economy has risen from 8.4% to 8.9% during the same period. The chief minister emphasised the need to devise a focused strategy to raise the state's share to 10% by 2026. He noted the growing contribution of the manufacturing and service sectors, while the agriculture sector's share is gradually declining. Reviewing the manufacturing sector, it was reported that the number of registered factories has surpassed 27,000 in 2024-25. A significant rise was also noted in the export of information technology services from the state. In 2024-25, IT exports through the STPI touched ₹46,800 crore, an increase of 40% compared to 2021-22. The meeting also reviewed the state's two key revenue streams—GST and excise duty. Adityanath stressed that financial growth must underpin the expansion of public services and social welfare schemes.
The Hindu
26-05-2025
- Business
- The Hindu
Greater share: on States and central taxes
Prime Minister Narendra Modi's exhortation to the Chief Ministers gathered at the 10th Governing Council Meeting of NITI Aayog over the weekend, in New Delhi, that the Centre and States should come together as 'Team India' to propel the country forward, is a good sentiment; but, it belies reality. The Centre-States relationship right now is a one-way street, with the Centre resorting to the stick, and, occasionally, to the carrot method, to make the States comply with its wishes. The States are finding it increasingly difficult to voice their often genuine and serious grievances at the national level since federal bodies such as the NITI Aayog Governing Council or the Goods and Services Tax (GST) Council do not meet often. Meeting once a year is not nearly enough for the Governing Council of a body whose very first objective is to develop a 'shared vision of national development priorities'. The GST Council, too, has not met in more than five months, when regulations say it should meet at least once a quarter. So, when the States do get a chance to speak at the national level, as they did on Saturday, most have no choice but to focus on their individual problems or achievements rather than on a collaborative 'Team India' approach. There were, however, some notable deviations where Chief Ministers looked beyond their States' borders in an attempt to drive national growth. One was Andhra Pradesh Chief Minister N. Chandrababu Naidu's proposal for the creation of three sub-groups of States to focus attention on the issues of GDP growth and investments, leveraging India's demographic bounty, and using technology to drive governance. Sub-groups are a good way for the Centre to bring States on board, if it finds a body comprising all States to be too unwieldy. The most notable pan-India suggestion was probably Tamil Nadu Chief Minister M.K. Stalin's call for the Centre to share 50% of its tax revenue with the States, up from the current formula of 41%. This is an issue that certainly requires more discussion. The implicit condition behind the Centre providing States compensation for any losses arising out of GST for five years was that the States would use this time to bolster their own tax revenues. While progress on this has been patchy — with some States doing far better than others — it has nevertheless been significant. The States' combined own tax revenues as a percentage of Gross State Domestic Product (GSDP) grew from 6.6% in 2017-18 to 7.2% in 2024-25. On the other hand, GST has failed to live up to its potential, with net revenues only recently surpassing pre-GST indirect tax levels. Since GST subsumed many of the States' levies, it seems only fair that the Centre seriously consider their demand for a bigger share in central taxes.
