Rise in GST collection shows growth of Nashik’s economy

  • | Friday | 22nd September, 2023

Nashik: The collection of Central Goods and Services Tax (CGST) in Nashiks district has recorded a healthy rise, said the tax officials.The GST collection in the past fiscal was over Rs 4,200 crore — a rise of over 27% when compared to 2021-22. In this current fiscal (2023-24), between April and August, the GST collection was Rs 2,249 crore, a rise of over 31% when compared to the corresponding period last fiscal. In the April-August period of 2022-23, the GST collection was Rs 1,707 crore.According to the officials, a robust GST collection is an indication that the trade and business in Nashik is on a growth path and the impact of Covid on Nashiks economy has faded.According to Sudhir Mutalik, a member of the national executive council of CII, overall, all the sectors are in the positive. There is an enhanced flow of orders from the automobile, engineering and electrical majors, he said.The existing units in Satpur, Ambad and Sinnar industrial estates of Maharashtra Industrial Development Corporation (MIDC) are already running at full capacity. There is a need to increase the manufacturing capacity to increase production and meet the order flow.Around 40% of the total 4,500 units in these three MIDC areas are in an expansion mode and they are investing around Rs 700 crore to increase their production capacity, said Mutalik.A major chunk of these units, making investments, are ancillaries of the automobile majors and engineering and electrical manufacturing companies.The Nashik divisional office of the Central GST has jurisdiction over five districts — Nashik, Ahmednagar, Dhule, Jalgaon and Nandurbar. The jurisdiction of the Nashik divisional office of the state GST department (erstwhile sales tax department) is also the same.There are over 1.3 lakh businesses registered with GST in Nashik division. Of which, maximum (65,000) businesses are registered with the Nashik divisional office of the state GST, while 60,000 businesses are registered by the Nashik divisional office of the Central GST. We also published the following articles recentlyOnline collection of property tax in Nashik rises by 50% in last five yearsThe Nashik Municipal Corporation has seen a significant increase in property tax collection through online mode, from 7% in 2019-20 to 57% in the current financial year. This trend has been encouraging for the corporation as it saves time and effort for property taxpayers. Around 57% of registered property owners in the city are now paying their taxes online. In addition, taxpayers receive a 1% concession for paying online. The civic body has set a target of collecting Rs 210 crore in property tax for the current financial year.Business worth over 200cr in Nashik city on Day 1 of festivalThe Ganapati festival in Nashik city saw a prosperous start for businesses, with economic transactions worth Rs 200 crore taking place on the first day. The sale of Ganesh idols and marigold flowers contributed significantly to this, with a 15% rise in idol sales compared to last year. The demand for silver Ganapati idols and puja articles also increased. Additionally, the real estate sector saw the launch of new residential projects worth Rs 100 crore. The city is also promoting eco-friendly celebrations, urging residents to avoid polluting water bodies during the festival.No water in Nashik city on SaturdayDue to maintenance works, Nashik city will experience water cuts on Saturday. The power distribution utility will be carrying out these works at Mukane and Gangapur dams. The water pumping stations will not be operational due to a lack of power supply. Water will be supplied at low pressure on Sunday, and normalcy is expected to return by Monday. Gangapur Dam provides 80% of the citys drinking water, while Mukane Dam provides the remaining 20%.

If You Like This Story, Support NYOOOZ



Your support to NYOOOZ will help us to continue create and publish news for and from smaller cities, which also need equal voice as much as citizens living in bigger cities have through mainstream media organizations.

Stay updated with all the Latest Nashik headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.

Related Articles