Delhi’s Earnings from GST and VAT Show Marginal Increase

📅 Date: October 28, 2024📂 Categories:GSTRecentNews DelhiTaxUpdate⌛ Read Time: 4 Min

The first half of the 2024-25 fiscal year saw a 6.4% rise in Delhi’s Goods and Services Tax (GST) and Value-Added Tax (VAT) revenue, reaching Rs 21,439 crore. While GST and VAT make up around 70% of Delhi’s tax earnings, other sources like motor vehicle (MV) tax and registration fees also contribute substantially.

In contrast, MV tax collections slightly decreased by Rs 1 crore compared to the same period last year. September, in particular, had low earnings, likely due to the ‘shraadh’ period, which is traditionally inauspicious for new purchases. However, collections picked up by October 26, hitting Rs 282 crore.

Fluctuating revenue trends emerged this fiscal year. August 2024 collections saw a 29% boost with central compensation, yet September reported a 20% decrease compared to the prior year. The Delhi government is targeting Rs 41,000 crore from GST and VAT and Rs 3,600 crore from MV tax for a total projected revenue of Rs 58,750 crore in 2024-25.

DelhiGST #VATIncrease #MVTaxUpdate #DelhiFinance #TaxRevenue2024 #GSTNews #FiscalGoals