The State registered a healthy growth in tax collections, especially GST and VAT, during March, the last month of financial year 2023-24.
GST revenue during March was ₹5,399 crore, 12% higher than the ₹4,804 crore registered during the same month the previous fiscal. The overall SGST and the portion of IGST post settlement by March was an impressive ₹40,650 crore, 7% higher than the ₹38,008 crore recorded during the same period the previous year. Pre-settlement, the same was ₹20,012 crore, 19% higher than the ₹16,877 crore of the previous fiscal.
Revenue under the two heads during the same period the previous fiscal was ₹1,507 crore and ₹1,739 crore respectively. Accruals in the form of Value Added Tax (VAT), primarily through petroleum products and liquor sale, however, saw nominal growth. While VAT through the sale of petroleum products saw a ₹24-crore (2%) increase from ₹1,205 crore to ₹1,229 crore during the month, revenue through the sale of liquor, however, dropped by ₹15 crore to ₹1,237 crore from ₹1,252 crore during the same period.
According to officials from the Commercial Taxes department, the amounts had been arrived at after calculating the refunds sanctioned to tax payers amounting to ₹264 crore owing to the introduction of scrutiny and ₹791 crore settled after recovering excess IGST settlement made in the previous years.
