Maharashtra's Tax Revenue Projected at Rs 3,43,040 Crore with SGST as Key Contributor
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Synopsis
Maharashtra's tax revenue is projected to hit Rs 3,43,040 crore in 2024-25, marking a 5.09% increase from last year. The State GST will be the primary contributor, with expectations of Rs 1,55,756 crore, maintaining the state's lead in GST collections since 2017.
Key Takeaways
- Projected tax revenue: Rs 3,43,040 crore
- SGST contribution: Rs 1,55,756 crore
- Growth rate: 5.09%
- Tax on sales and trade: Rs 62,500 crore
- Central tax share increase: 10.4%
Mumbai, March 7 (NationPress) Maharashtra’s own tax revenue is projected to reach Rs 3,43,040 crore for the fiscal year 2024-25, marking an increase from Rs 3,26,398 crore in 2023-24, a growth of 5.09 percent. According to the Economic Survey for 2024-25, the contribution from State GST (SGST) will be the highest at Rs 1,55,756 crore compared to Rs 1,44,791 crore, as Maharashtra continues to lead in India's total GST collections since 2017.
The projected tax on sales and trade is estimated at Rs 62,500 crore versus Rs 62,050 crore, while stamps and registration fees are expected to yield Rs 55,000 crore compared to Rs 51,500 crore. Additionally, state excise duties are forecasted at Rs 30,500 crore against Rs 29,000 crore. Taxes and duties on electricity are predicted to bring in Rs 14,180 crore versus Rs 14,000 crore, while land revenue is projected to attain Rs 3,000 crore compared to Rs 2,500 crore. Other taxes and duties on commodities and services are expected to total Rs 1,970 crore against Rs 1,797 crore.
However, taxes on vehicles are anticipated to drop to Rs 14,875 crore from Rs 15,000 crore, and other taxes on income and expenditure are also expected to decrease to Rs 3,500 crore from Rs 4,000 crore. Taxes on goods and passengers will remain stable at Rs 1,760 crore.
Furthermore, the state's share in central taxes is projected to rise by 10.4 percent compared to the prior year.
Income tax excluding corporation tax (34.7 percent) is expected to be the most significant contributor, followed by Corporation Tax (31.5 percent) and CGST (30.6 percent). In terms of non-tax revenue, which includes interest receipts, dividends, profits, and revenue from general, social, economic, and fiscal services, an increase of 8.8 percent is anticipated over the previous year. Revenue from economic services is projected to be the largest contributor at 52.6 percent, followed by general services at 18.5 percent and social services at 16.7 percent as per the Budget Estimate (BE) 2024-25.
From April to December 2024, the average Consumer Price Index (CPI) (Base year 2003=100) for rural and urban sectors in the state was recorded at 394.1 and 371.1 respectively, with year-on-year inflation rates of 6.0 percent for rural and 4.5 percent for urban areas.
Meanwhile, the Survey indicates that the total outlay for annual schemes in 2024-25 is set at Rs 1,92,000 crore, up from Rs 1,72,000 crore in 2023-24.
