Bengaluru: Karnataka has started the financial year with a significant increase in the acceptance of his tax in the first quarter above the previous year at the back of the restrictions related to fewer Covid and increased overall economic activity.
For the quarter ending June 30, Karnataka received Rs 23,177 Crore in their own tax revenue – 58% more than in Q1 years before – with commercial tax & stamps and registration fees respectively in the previous year, each of the previous years, and 65 %.
In July and August, the state stated Rs 20,266 Crore, pushed income in the first five months of fiscal to Rs 43,000 Crore.
This is 43% more than Rs 30,429 Crore obtained in the first five months of the previous year.
The government has swept the 3,922 crore rs of non-tax revenues in the April-August period, which is 103% more than those obtained for the type of last year.
Third Uphope Wave Tax Revenues will not be sick: FICCI members Rs 3,922 Crore, 56% are obtained in the first quarter, compared to the same period last year almost 120% more.
Indicates that overall economic activity has picked up, J Crasta, Member, National Executive Committee, FICCI, said: “MSME is struggling because Bank PSU is not enough to lend and there is a large inventory and labor problem.
While we believe the upcoming quarter will be more Well, we hope the third wave does not hurt us.
“While experts recognize high growth can be associated with a basic low effect, the Ministry of Finance officials said this year’s income was in line with the government’s target.
Karnataka’s revenue target of its own tax for fiscal is Rs 1.1 lakh crore and with around 40% (five of the 12 months) has been completed this year, the state has earned around 39% or RS 43,443 Crore from income.
Wise data analysis shows the government has received 41% of the target set for commercial taxes, while excise has produced 41.5%.
However, the income from motorized vehicles is in 29% of the target, while stamps and registration is at 36%.
“We hope that these two sectors will increase further in this quarter (ended September 30) and the next.
At the end of December, we believe they will also be closer to the target,” said an official.
Non-tax revenues for fiscal is RS 8,258 Crore and has received 47.5% of the same and is expected to reach 100% collection before March.