Tripura Budget 2023-24: State scales Rs 3K cr mark in tax revenue, eyes at beyond
Tripura has scaled Rs 3000 crore mark in its own tax revenue collection for the 2022-23 FY and set a target of collecting Rs 3360 crore tax revenue in 2023-24.
Finance Minister of Tripura, Pranajit Singha Roy while presenting Rs 27,654.40 crore State Budget 2023-24, revealed, State's Own Tax Revenue is showing a steady increase after the BJP led Government assumed power in Tripura in 2018.
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According to Budget At A Glance, tax revenue was Rs 2616.31 crore (Actuals) in 2021-22 FY.
Even as the tax revenue was estimated in Budget 2022-23 to be Rs 2847.69 crore (BE), the revised estimate showed the tax revenue to Rs 3000 crore (RE) for the same FY.
Singha Roy, in his maiden full fledged budget, pegged the tax revenue to be Rs 3360 crore in 2023-24 crore.
Goods & Service Tax (GST), one of the main components of the tax revenue, has also exhibited marked improvements. The budget data shows, Rs 1282.69 crore (Actuals) GST was collected in 2021-22 FY.
The GST collection for FY 2022-23 was pegged at Rs 1425.58 crore which was Revised at Rs 1459.04 crore in the same FY.
Buoyed at upward movement, Pranajit Singha Roy projected a higher GST collection during 2023-24 and proposed a target at Rs 1634.09 crore in the 2023-24 FY Budget.
While almost all other tax revenue components show improvement, the collection of Professional Tax showed a dip as per RE of FY 2022-24. The Budget 2022-23 estimated Rs 42.26 crore for Professional Tax collection, however, the Revised Estimates for the same FY showed a drop to Rs 38 crore. In the current FY, Singha Roy estimated the Professional Tax collection to be Rs 42.55 crore.
Overall, according to the 2023-24 Budget, State's own tax revenue is pegged at contributing 12.43 percent to State's total revenue.
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