Maharashtra’s own tax revenue to rise to Rs 3,43,040 crore with SGST highest contributor
Mumbai, March 7 (IANS) Maharashtra’s own tax revenue is expected to be Rs 3,43,040 crore in 2024-25 against Rs 3,26,398 crore in 2023-24, a rise of 5.09 per cent, according to the Economic Survey for 2024-25, and out of it, the State GST (SGST) contribution will be highest at Rs 1,55,756 crore against Rs 1,44,791 crore as the state continues to top in India’s total GST collection since 2017.
Tax on sales and trade is estimated at Rs 62,500 crore against Rs 62,050 crore, stamps and registration fee at Rs 55,000 crore against Rs 51,500 crore, state excise duties at Rs 30,500 crore against Rs 29,000 crore, taxes and duties on electricity at Rs 14,180 crore against Rs 14,000 crore, land revenue is likely to garner Rs 3,000 crore against Rs 2,500 crore, and other taxes and duties on commodities and services is estimated at Rs 1,970 crore against Rs 1,797 crore.
Taxes on vehicles are, however, expected to decrease to Rs 14,875 crore against Rs 15,000 crore, and other taxes on income and expenditure will also be lower at Rs 3,500 crore against Rs 4,000 crore, while taxes on goods and passengers will be the same at Rs 1,760 crore.
On the other hand, as per 2024-25 (Budget Estimate), the state’s share in central taxes is expected to increase by 10.4 per cent over the previous year.
Tax on income other than corporation tax (34.7 per cent) is expected to be the highest contributor followed by Corporation Tax (31.5 per cent) and CGST (30.6 per cent). In the case of non-tax revenue consisting of interest receipts, dividends and profits, revenue generated from general services, social services, economic services, and fiscal services is expected to increase by 8.8 per cent over the previous year. Revenue generated from economic services is expected to be the largest contributor at 52.6 per cent followed by general services at 18.5 per cent and social services at 16.7 per cent in non-tax revenue as per (BE) 2024-25.
From April to December 2024, the average Consumer Price Index (CPI) (Base year 2003=100), compiled for rural and urban areas in the state, was 394.1 and 371.1, respectively. The year-on-year inflation during this period was 6.0 per cent for rural and 4.5 per cent for urban areas.
Meanwhile, the Survey has said the total outlay for annual schemes 2024-25 is Rs 1,92,000 crore against Rs 1,72,000 crore for 2023-24.
–IANS
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