The State has registered 14% growth in the revenue through Goods and Services Tax (GST) during October.
The GST revenue during the month was pegged at ₹3,854 crore as against ₹3,383 crore registered during the corresponding month of the previous financial year. The growth is however less when compared with the 24% growth registered at the national level during the same period.
According to a Finance Ministry release, gross GST collection during October stood at ₹1.3 lakh crore, which is the second highest collection in a month since the implementation of the GST. Neighbouring Andhra Pradesh registered GST revenue growth of 16% while Gujarat reported 25% growth, Maharashtra - 23% and Karnataka - 18%.
Meanwhile, the tax revenue collection during the month of September stood at ₹8,268.66 crore, lower than ₹9,000 crore reported in August and the total tax revenue earned during the first half of the current financial year stood at ₹45,859.85 crore. This was against the budget estimates of ₹1.06 lakh crore for the year.
Of the total tax revenue earned during the first half of the financial year, GST contributed ₹15,108 crore less than half of the estimated ₹35,520 crore for the fiscal and the sales tax collection was at ₹12,815.48 crore against the estimated ₹26,000 crore for the current year. Revenue through the State Excise duties was pegged at ₹7,308.96 crore (₹17,000 crore for the year), Stamps and Registration fee - ₹4,859 crore (₹12,500 crore) and the share of Central taxes was reported at ₹3,531 crore (₹8,721.38 crore).
Revenue from other taxes and duties stood at ₹2,235.87 crore against the ₹6,652 crore estimated for the year and non-tax revenue during the period was pegged at ₹2,436 crore (₹30,557.35 crore). Grant in Aid and contributions accounted to ₹4,813.75 crore (₹38,669.46 crore) while borrowings and other liabilities, which is categorised as capital receipts, crossed ₹25,000 crore mark to reach ₹25,573.72 crore. The State had estimated borrowings to be of the order of ₹45,509 crore for the current financial year.
