ENA Economy 2024-06-26 16:09:10 <p><span style="font-size:14px"><strong>New Delhi, Jun 26 (KNN)</strong> Recent data from the Goods and Services Tax Network (GSTN) reveals that Uttar Pradesh, Tamil Nadu, and Maharashtra are leading the nation in monthly GST return filings, offering insights into their economic strength and tax compliance.</span></p> <p><span style="font-size:14px">Uttar Pradesh, India's most populous state, topped the list in April with over 908,900 GST returns filed.</span></p> <p><span style="font-size:14px">Tamil Nadu followed closely with more than 880,200 returns, while Maharashtra reported over 798,600. Karnataka, Gujarat, and Delhi rounded out the top positions.</span></p> <p><span style="font-size:14px">A different pattern emerges at the end of each quarter when smaller businesses with annual sales up to Rs 1.5 crore file returns under a special scheme.</span></p> <p><span style="font-size:14px">In the March quarter of FY24, Maharashtra led with 1.46 million returns, followed by Uttar Pradesh with 1.43 million and Tamil Nadu with 1.05 million.</span></p> <p><span style="font-size:14px">Maharashtra maintains its position as India's largest state economy, with a gross state domestic product (GSDP) of Rs 20.2 trillion in FY22.</span></p> <p><span style="font-size:14px">Gujarat and Tamil Nadu follow with Rs 13.6 trillion and Rs 13.4 trillion, respectively. Karnataka and Uttar Pradesh report GSDPs of Rs 12.35 trillion and Rs 12 trillion.</span></p> <p><span style="font-size:14px">In contrast, some union territories and North Eastern states show lower GST return filings, potentially indicating economic challenges in these regions.</span></p> <p><span style="font-size:14px">As the GST system approaches its seventh anniversary on July 1, 2024, a recent survey by Deloitte of over 700 industry executives across six sectors highlights growing interest in leveraging GST data for business insights and the implementation of a compliance rating system.</span></p> <p><span style="font-size:14px">This analysis of GST return filings provides a nuanced view of India's economic landscape, showcasing the varying levels of economic activity and tax compliance across different states and regions.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38356 https://knnindia.co.in/news/newsdetails/economy/up-tamil-nadu-and-maharashtra-lead-in-gst-return-filings 2024-06-26 16:09:10 knnindia.co.in