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Uttar Pradesh government claims consistent increase in revenue collection, budget size may increase
Uttar Pradesh government realises ₹1,26,437.86 crore tax revenue in the first three quarters of the financial year 2022-23
The Uttar Pradesh government on Wednesday claimed a consistent increase in its revenue collections with a sum of ₹1,26,437.86 crore received as tax revenue in the first three quarters of 2022-23 (April 1 to December 31, 2022).
The state government’s tax collections in the first three quarters are 77.3% of the target of ₹1,63,578.59 crore set for the same period.
Giving details, minister for finance Suresh Khanna said the state government’s revenue collections from GST (Goods and Services Tax) and VAT (Value Added Tax) remained ₹71,099.86 crore in the first three quarters, about 76.8% of the target of ₹92,634.11 crore. This includes GST collections of ₹47,970.73 crore against a target of ₹66,955.85 crore and ₹23,229.13 crore VAT against target of ₹25,678.26 crore.
The state government’s total revenue collection in December 2022 also went up to ₹14,698.19 crore against ₹12,733.57 crore received in the same month in 2021-2022. Its total collections were 81.2% of the month’s target of ₹17,653.23 crore. This includes the state government’s tax collections of ₹14,325.99 crore in December 2022, about 81.2% of the target of ₹17,653.23 crore for the month. Its non-tax collections were ₹372.20 crore in the same month, about 76.6% of the ₹486 crore target.
Khanna, who has recently returned from a tour to the United States and the United Kingdom, said the response to the roadshows abroad indicated that the state government would be able to exceed the target of attracting investment ahead of the Global Investors Summit-2023 scheduled to be organised in Lucknow from February 10 to 12, 2023. Chief minister Yogi Adityanath had set a target of attracting investment of ₹10 lakh crore at the GIS-2023 and the state government claimed its teams abroad received proposals for investment worth ₹7.12 lakh crore.
As the state government begins a round of holding roadshows in major cities from Mumbai, it has already revised the target of attracting the investment to about ₹17.13 lakh crore.
Khanna, who is scheduled to hold a roadshow in Chennai later this month, indicated that the size of the state government’s annual budget is bound to increase in 2023-24 in view of the consistent improvement in the state’s economy. Though Khanna refused to give any indications about the likely size of the state government’s budget in 2023-24 those aware of the development said the same may go up to over ₹7 lakh crore. The state government had presented an annual budget of ₹6.15 lakh crore for 2022-23. It presented a supplementary budget for ₹33,769.55 crore (2022-2023) as well early this month, taking the total size of the state budget for 2022-23 to ₹6.50 lakh crore.
“The state government’s revenue figures for December 2022 and the first three quarters of 2022-23 clearly indicate buoyancy in tax collections. This is good for the government to finance a large annual budget for 2022-23 as also limiting its fiscal deficit. This also indicates improvement in state economy’s growth performance,” said professor Yashvir Tyagi, former head of department of economics, Lucknow University.
