In the new financial year, the revenue raising departments will have to work hard to bear the increasing budget burden on salaries, pensions, allowances as well as development works and social security schemes. Their responsibility to increase income in the form of tax and non-tax revenue is going to increase further. They will have to get about 3500 crores more in the form of tax revenue alone. So far, revenue targets ranging from 66 percent to 81 percent have been achieved in SGST, VAT, excise, stamp and registration, mining.
Continuous increase in the budget of social security schemes
In view of the enthusiasm of the departments, it is expected to achieve the annual revenue target. In such a situation, there is a preparation to keep the target of tax revenue of Rs 22,509 crore in the current financial year to around 26 thousand crores in the next budget. The state government is continuously increasing the budget of social security schemes for the poor, weak and deprived sections, elderly, women and disabled. Along with this, the expenditure on salaries, allowances of personnel as well as pension items is also increasing every year in the state. In revenue expenditure, expenditure is increasing in committed items in the form of salary, wages, pension and interest payment and other committed items. The financial grant received from the central government has a big role in handling the increased expenditure burden on the treasury.
In this sequence, the state government has started making rapid efforts to increase its financial resources. In five years, the state has earned 7732 crores more in tax revenue from its own resources.
Achievement of 69 percent revenue target
Now about two and a half months are left for the financial year 2024-25 to end. This year a target of recovery of Rs 27,383 crore was set in the form of tax and non-tax revenue. As of January 9, 2025, about Rs 18,777 crore has been raised. This is about 69 percent of the total revenue. Compared to the annual target, 66 percent tax has been collected in SGST, 77 percent in excise, 78 percent in VAT, 68 percent in transport and 76 percent in stamp and registration. The highest target of 81 percent has been achieved in mining.
Energy, forest and water tax lagging behind in recovery
The performance of all the departments is not as per expectations. In these, energy has collected only 14 percent in the form of non-tax revenue, while only 50 percent revenue target could be achieved in the form of electricity duty. The forest department has achieved 50 percent target in the form of non-tax revenue. Revenue collection in the form of water tax has also been only 27 percent.
