E-Paper
Uttar Pradesh govt’s tax collections post 26% growth, rise to ₹97,807 crore in first seven months of 2022-23
On the flip side, revenue realisation from value added tax and stamp and registration down in Uttar Pradesh in October
The Uttar Pradesh government on Friday claimed a consistent increase in its tax collections that have gone up to ₹97,807.89 crore in the first seven months of 2022-23 (April 1 to October 31, 2022) against ₹77,655.04 crore realised during the same period in 2021-22.
The state government’s tax collections are nearly 26% higher than the sum collected in the same period in 2021-22.
“The state government’s revenue earnings have gone up consistently since April 1, 2022. There is negligible impact of Covid-19 on the state economy now,” minister for finance Suresh Khanna said, while releasing details about its collections made up to now in 2022-23.
The ₹97,807.89 crore realised so far represents 44.3% of the annual target of ₹2,20,655.00 crore for 2022-23. The state government’s non-tax collections are also up from ₹4,610.00 crore in seven months to ₹6,120.71 crore, an increase of 32.8%.
The state government has seen an increase of ₹2241.72 crore in its total earnings (tax and non-tax), collecting ₹13,911.84 crore in October 2022 against ₹11,670.12 crore received in the same month in 2021-22.
A close scrutiny revealed that there was a decline in earnings from VAT (value added tax) and stamps and registration in October this year. The state government collected ₹2044.69 crore from VAT and ₹17,14.41 crore from stamps and registration in October 2022-23 against ₹2150 crore and ₹1868.52 crore, respectively, received under the two heads in the same month in 2021-22. Its non-tax collections also went down from ₹224.42 crore in October (2021-22) to ₹172.46 crore in the same month in the current financial year.
Commenting on the latest figures, Professor Yashvir Tyagi, former head of department of economics, Lucknow University, said: “The U.P. government’s revenue collection data is encouraging as it reflects increasing economic activity gaining momentum in the state now. The state government’s revenue receipts are, however, only 44.3% of the annual targets. It should, therefore, focus on better VAT collections in the remaining months. The fall in collections in the stamps and registration head shows that the real estate sector is yet to fully revive.”
