To feed the ambitious goal of becoming a $trillion economy by 2027, Uttar Pradesh has set a higher revenue collection target.
The Yogi Adityanath government 2.0 is eyeing Rs 1.50 trillion in mop up from the State Good and Services Tax (GST) and Value Added Tax (VAT) in the coming financial year 2023-24.
Besides, the revenue collection from excise duty has been fixed at Rs 58,000 crore, according to the UP Annual Budget 2023-24.
At the same time, the government has set a target of more than Rs 34,000 crore in revenue from the stamp and registration department, while the target from vehicle tax is pegged at over 12,000 crore.
New schemes worth more than Rs 32,700 crore have been included in the Budget, which was presented in the UP legislature earlier this week. The annual financial statement envisaged Rs 5,70,865 crore and Rs 1,12,427 crore in revenue and capital receipts respectively.
The Budget estimated total revenue of Rs 4,45,871 crore through tax, of which the state’s tax mop up will be Rs 2,62,634 crore, while UP’s share in central taxes will be Rs 1,83,237 crore.
Meanwhile, out of the total estimated expenditure in 2023-24, Rs 5,02,354 crore and Rs 1,87,888 crore will accrue from the revenue and capital accounts respectively.
The biggest ever budget in the history of UP will pave the way for the development of UP, a state government spokesperson said.
The Budget pegs the fiscal deficit at 3.48 percent of the Gross State Domestic Product (GSDP) against the previous Budget’s GSDP of 3.92 percent.
The mammoth Budget size assumes significance in the backdrop of investment proposals worth Rs 33.52 trillion, which UP garnered at the recently held Global Investors Summit (GIS) 2023 in Lucknow.