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Home Tripura News

Tripura Budget 2023-24: State scales Rs 3K cr mark in tax revenue, eyes at beyond

ENEWSTIME Desk by ENEWSTIME Desk
July 8, 2023
in Tripura News
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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.

 

| Also Read : State Budget is inclusive, growth oriented: Tripura CM Dr Manik Saha |

 

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.

 

Tripura-Budget-2023-24-tax-revenueSingha 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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