Lucknow (Uttar Pradesh) [India], February 24 (ANI): The Uttar Pradesh government presented the state budget on February 22 and it is expected to increase revenue collection via different schemes.
The Yogi Adityanath government not only succeeded in presenting the biggest budget in the history of Uttar Pradesh but also made several provisions to gather more revenue collection, informed the government through a release on Friday.
Along with receiving investment proposals worth Rs 33.52 lakh crore through the UP Global Investors Summit, the mega-budget of the Yogi government will move towards making the state a trillion-dollar economy.
Under this, GST, excise, stamp and vehicle tax will become essential sources of the state’s budget. Despite being the biggest budget so far, there is an effort to reduce the state’s fiscal deficit as compared to the previous years, which is remarkable.
The state government has set a target of getting Rs 1 lakh 50 thousand crore as revenue from State GST and Value Added Tax in the coming financial year 2023-24. After this, the target of revenue collection from excise duty has been fixed at Rs 58,000 crore.
Similarly, the government has set a target of Rs 34 thousand 560 crores for the collection of revenue from stamps and registration. On the other hand, there is a target of getting revenue of Rs 12 thousand 672 crores from vehicle tax.
According to the budget presented by Finance Minister Suresh Kumar Khanna, new schemes worth about Rs 32721.96 crore have been included in this financial year’s budget. The government will get Rs 5,70,865.66 crore from revenue while Rs 1,12,427.08 crore will be the capital receipt.
At the same time, there is a target of getting revenue of Rs 4,45,871.59 crore through tax. In this, the state’s tax revenue will be Rs 2,62,634 crore, while the state’s share in central taxes will be Rs 1,83,237.59 crore. Out of the total expenditure to be made by the government in this financial year, Rs 5,02,354.01 crore will be done from the revenue account and Rs 1,87,888.42 crore from the capital account.
On the other hand, it is noteworthy that where after reducing the total expenditure in the last financial year, the government had to bear a loss of more than Rs 24 thousand crores on the consolidated fund, whereas in this financial year, after all the expenses, this deficit has been reduced to about Rs 6 thousand crores.
The biggest-ever budget in the state’s history will pave the way for the development of UP. This time, a target has been set to keep the fiscal deficit at 3.48 per cent of GDP, while the fiscal deficit of the previous budget was 3.92 per cent. At the same time, the Yogi government has a special emphasis on revenue collection, on the basis of which various programs of development and public welfare will be run in the state. (ANI)
