U.P. Govt Mops Up Over ₹98k Cr Tax Revenue in Six Months

By: Admin
October 08, 2024
Categories: GST Recent News
4 Min Read

The Uttar Pradesh government has collected a substantial tax revenue of ₹98,886.75 crore in the first six months of the financial year 2024-25, reflecting an 11.1% increase compared to the same period in 2023-24. This marks 76.5% of the revenue target for the period.

Finance Minister Suresh Khanna reported that the state’s revenue from taxes totaled ₹55,132.88 crore, which included ₹40,799.49 crore from Goods and Services Tax (GST) and ₹14,333.48 crore from Value Added Tax (VAT). Excise duties contributed ₹22,564.29 crore, or 85% of the target, while stamps and registration brought in ₹14,832.44 crore, also 85% of the target.

Transport taxes accounted for ₹5,299.70 crore, nearly 92.4% of the target, while energy taxes amounted to ₹854.26 crore, and land revenue earned ₹203.18 crore. Non-tax revenue reached ₹5,084.34 crore, a 9.5% increase over last year.

Revenue collections from GST saw a significant rise from ₹5,108.04 crore in September 2023 to ₹6,108.27 crore in September 2024, with VAT also showing a slight increase. However, marginal decreases were recorded in excise, stamps and registration, and transport collections. Khanna attributed this decline to reduced economic activity during “Pitra Paksha,” when many refrain from major purchases like property.

The state’s overall revenue performance demonstrates strong fiscal health, despite minor dips in certain areas.

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