Uttar Pradesh’s tax kitty is estimated to swell by 40 per cent to Rs 2.62 trillion in the financial year ending March 31, 2024 (FY24), buoyed by robust mop-up of goods and services tax (GST) and value-added tax (VAT).
Compared to revenue from state GST (SGST), VAT, excise, stamp and registration, and transport of about Rs 1.85 trillion in FY23, the state is projected to collect Rs 2.62 trillion in FY24. This is in addition to the state’s share in central taxes and central grants, which are pegged at Rs 1.83 trillion and Rs 1 trillion, respectively.
Together, the state’s composite tax and financial resources add up to Rs 5.46 trillion in FY24, up more than 17 per cent compared to the corresponding figure of Rs 4.65 trillion in FY23.
Compared to the SGST kitty of Rs 76,709 crore in FY23, the state is estimated to mop up more than Rs 1.08 trillion of SGST in the current financial year, a hike of over 40 per cent.
According to the UP Budget document, the SGST, VAT, excise, and stamp and registration heads alone contribute almost 75 per cent to the total state’s tax collection figure.
Read more at: Business-Standard
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