UP’s own tax revenue up 92% y-o-y in Q1

By: |
July 14, 2021 12:45 AM

However, the state’s OTRs in Q1FY22 was 67% of the quarter’s target of Rs 44,827 crore as economic activities suffered in April-May from the second wave of Covid-19 surge.

India’s particularly disastrous Covid-19 second wave-exposed the weakness of the public healthcare system.India’s particularly disastrous Covid-19 second wave-exposed the weakness of the public healthcare system.

With economic revival gathering pace, Uttar Pradesh’s tax revenues (OTRs) have shot up 92% on-year to `30,157 crore in the first three months of the current financial year, sources told FE.

However, the state’s OTRs in Q1FY22 was 67% of the quarter’s target of Rs 44,827 crore as economic activities suffered in April-May from the second wave of Covid-19 surge.

Expressing satisfaction over the revenue collections so far, Uttar Pradesh (UP) finance minister Suresh Khanna said he was hopeful that the pace of revenue recovery will likely go up further as Covid restrictions are being eased further from July.

In Q1FY22, UP’s goods and service tax (GST) collections stood at Rs 11,410 crore, 106% higher than Rs 5,549 crore collected in the year-ago quarter. The GST receipt was 68% of the quarter’s target of Rs 16,726 crore. Value-added tax (VAT) collections rose 75% on-year to Rs 5,147 crore or 85% of the quarter’s targeted Rs 6,087 crore.

Similarly, excise collections from alcohol rose 70% to Rs 8,369 crore, 68% higher than such receipts in the year-ago quarter. Excise collections were 70% of the state’s target of Rs 11,953 crore for Q1FY22.

Collections from stamp duty and registration fees continued to show an uptick with collections of Rs 3,670 crore in Q1FY22, showing an increase of a whopping 159% over the year-ago quarter when a nation-wide lockdown was in place to check the spread of Covid-19. However, stamp duty and registration fee collection were just 58% of the state’s target of Rs 6,296 crore in Q1FY22.

In the first quarter of FY22, UP’s non-tax revenue rose about 8% on year to Rs 1,953 crore or 32% of the quarter’s target of Rs 6,068 crore.

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