In fiscal 2021-22, state’s own tax revenue is expected to expand by 31.09% to Rs 2,43,490.37 crore against Rs 1,84,519.37 crore in 2020-21. Similarly, the non-tax revenue is pegged at Rs 26,650.27 crore against Rs 15,147.05 crore.
The Maha Vikas Aghadi government in the Medium-Term Fiscal Policy Statement has projected the state’s own tax revenue comprises state Goods & Services Tax including Integrated GST), state Value Added Tax, Stamp and Registration Duty, Excise Duty, Electricity Duty, Motor Vehicle Tax, Land Revenue, Profession Tax, Tax on goods and passengers, other taxes and duties.
As far as tax revenue is concerned, it consists of the state’s own tax revenue and the state’s share in net proceeds of Union taxes. The revised estimate of tax revenue for 2020-21 is pegged at Rs 2,18,263.64 crore, lower by 20.1% as compared to fiscal 2019-20 largely due to coronavirus induced lockdown and economic slowdown. In fiscal 2021-22, tax revenue is expected to grow by 30.8% year on year to Rs 2,85,534 crore as compared to the revised estimates of fiscal 2020-21. This is because of resumption of various economic activities with the gradual lifting of restrictions starting October 2020.
In 2021-22, stamp and registration duty collection is expected to grow at 7% to Rs 32,000 crore and excise duty is expected to expand at 1.4% to Rs 19,500 crore as compared to the budget estimates of fiscal 2020-21.
The GST collection has started to improve in the second half of the financial year and a sustainable trend is visible from September 2020.
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