The Uttar Pradesh government declared a uniform rise in its tax collections that attained Rs 97,807.89 crore in the first 7 months of 2022-23 (April 1 to October 31, 2022) against Rs 77,655.04 crores realized in the identical period in 2021-22.
The tax collections of the state government would be approximately 26% more than the sum that has been collected in the identical duration in the FY 2021-22.
Suresh Khana, minister for finance stated that “The state government’s revenue earnings have gone up consistently since April 1, 2022. There is the negligible impact of Covid-19 on the state economy now,” during the release of the information for its collections incurred in 2022-23.
Rs 97,807.89 crore has been received which shows 44.3% of the yearly target of Rs 2,20,655 cr for the FY 2022-23. The state government’s non-tax collections would indeed surge from Rs 4610 cr in the 7th month to Rs 6,120.71 cr a sharp rise of 32.8%.
The state government witnessed a rise of Rs 2241.72 crore in its total earnings (tax and non-tax), collecting Rs 13,911.84 crores in the month of October 2022 against Rs 11,670.12 crore received in the identical month in FY 2021-22.
Through the scrutiny, it specifies that there was a sharp decrease in the earnings from VAT (value-added tax) and stamps and registration in October of the current year. Rs 2044.69 cr from VAT and Rs 1714.41 cr from stamps have been collected by the state government and registration in the month of October 2022-23 compared to Rs 2150 cr and Rs 1868.52 cr correspondingly has obtained beneath the two heads in the identical month in FY 2021-22.
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The non-tax collection would go down from Rs 224.42 cr in the Oct (2021-22) to Rs 172.46 cr in the identical month in the present fiscal year.
Tax experts specified that “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.”
