Mumbai: At Rs 22.985cr, June State Revenue Highest This Fiscal Year | Bombay News

Mumbai: With the easing of foreclosure restrictions, the state earned Rs 22,985 crore in June – its highest income in the first three months of this fiscal year. Income was nearly 54% higher from May, when Covid restrictions were tighter.
However, officials said the increase in state revenue was not just due to increased tax revenues after the restrictions were lifted. It is also because the GST payment deadlines for May were extended, resulting in higher recoveries in June. In addition, the Center released a slice of the GST compensation tax, although most of it is still pending.
“Since part of the revenue came from the extension of GST payment deadlines, it is still too early to interpret the rise in state revenue as a sign of economic recovery,” said a senior official.
The state faces a debt of over Rs 6 lakh crore for the year. In June, he imposed a 40% reduction in spending to save Rs 52,000 crore in order to prepare for a possible third wave of the Covid pandemic.
By the end of June, the state had earned Rs 57,382 crore, or 16% of its annual revenue target. However, expenses exceed income, resulting in borrowing of around Rs 12,000 crore, officials said.
Tax collections improved in June compared to May, when Covid restrictions were at their peak. In June, the state collected taxes worth Rs 12,735 crore, which are Rs 2,060 crore higher than the previous month.
Taxes include stamp duty and registration fees on real estate transactions, excise duties on alcohol sales, and motor vehicle tax on the sale of vehicles.
The state estimates that its financial situation will improve if it receives the pending GST compensation from the central government, which now stands at Rs 30,351 crore. In the last fiscal year, his dues were Rs 24,304 crore and he eventually received compensation worth Rs 4,112 crore from the Center. In April-May of this year, dues increased by another Rs 9,130 ​​crore.
However, officials point out that the economic blow from the lockdown was not as severe this time around as the manufacturing, agriculture and construction sectors remained open. The state also estimates that the outflow of migrants has been lower than last year, mainly because the construction sector, which employs a large number of migrants, has remained open.

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