Yogi Govt sets target to increase revenue collection

Lucknow, February 24

Along with receiving investment proposals worth Rs 33.52 lakh crore through the UP Global Investors Summit, the mega budget of the Yogi government will move towards making the state a trillion-dollar economy.

The Yogi Adityanath government not only succeeded in presenting the biggest budget in the history of Uttar Pradesh, but also made several provisions to gather more revenue collection.

Under this, GST, excise, stamp and vehicle tax will become important sources of the budget of the state. Not only this, despite being the biggest budget so far, there is an effort to reduce the state’s fiscal deficit as compared to the previous years, which is remarkable.

The state government has set a target of getting Rs 1 lakh 50 thousand crore as revenue from State GST and Value Added Tax in the coming financial year 2023-24. After this, the target of revenue collection from excise duty has been fixed at Rs 58,000 crore.

Similarly, the government has set a target of Rs 34 thousand 560 crore for collection of revenue from stamp and registration. On the other hand, there is a target of getting revenue of Rs 12 thousand 672 crore from vehicle tax.

It is noteworthy that new schemes worth about Rs 32721.96 crore have been included in this financial year’s budget. For this financial year’s budget, the government will get Rs 5,70,865.66 crore from revenue while Rs 1,12,427.08 crore will be capital receipt.

At the same time, there is a target of getting revenue of Rs 4,45,871.59 crore through tax. In this, the state’s tax revenue will be Rs 2,62,634 crore, while the state’s share in central taxes will be Rs 1,83,237.59 crore. Out of the total expenditure to be made by the government in this financial year, Rs 5,02,354.01 crore will be done from the revenue account and Rs 1,87,888.42 crore from the capital account. On the other hand, it is noteworthy that where after reducing the total expenditure in the last financial year, the government had to bear a loss of more than Rs 24 thousand crores on the consolidated fund, whereas in this financial year, after all the expenses, this deficit has been reduced to about Rs 6 thousand crores.

The biggest ever budget in the history of the state will pave the way for the development of UP, as well as this time a target has been set to keep the fiscal deficit at 3.48 percent of GDP, while the fiscal deficit of the previous budget was 3.92 percent. At the same time, the Yogi government has special emphasis on revenue collection, on the basis of which various programs of development and public welfare will be run in the state.