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States Eye Tax Surge: UP Leads, Haryana Tops Growth
23 Aug
Summary
- Uttar Pradesh leads tax collection at ₹1.5 lakh crore.
- Haryana recorded the highest tax mop-up growth at 18%.
- GST collections increased across major states despite rate changes.
Uttar Pradesh leads the nation in tax revenue collection for the April-July period, accumulating around ₹1.5 lakh crore, a notable increase from the previous fiscal year. Haryana stands out with an impressive 18% growth in its tax mop-up during the same period. Across major states, Goods and Services Tax (GST) revenue has seen an upward trend, with Uttar Pradesh collecting approximately ₹55,000 crore and Karnataka over ₹35,000 crore through SGST.
Increased taxpayer registrations are a significant factor contributing to higher revenue. As of June 30, the total number of GST registrations reached 1.67 crore, with Uttar Pradesh leading in new registrations. This growth in tax revenue is also supporting increased capital expenditure by states, with Gujarat and Uttar Pradesh showing substantial spending in infrastructure development.
Furthermore, states are benefiting from the Scheme for Special Assistance to States for Capital Investment, with Uttar Pradesh receiving over ₹7,000 crore in interest-free loans. Despite fiscal challenges in some states, like Uttar Pradesh's deficit exceeding 10% of budget estimates, the overall revenue growth indicates a positive fiscal outlook for many regions.
