Maharashtra’s revenue receipt, tax collection show steady growthhttps://indianexpress.com/article/cities/mumbai/maharashtra-revenue-receipt-tax-collection-show-steady-growth-5359567/

Maharashtra’s revenue receipt, tax collection show steady growth

Data from the state finance department shows that Maharashtra’s tax revenue collection has also registered a jump from Rs 1,08,641 crore (5 per cent) in 2013-14 to Rs 1,67,931 crore (22.9 per cent) in 2017-18.

Income tax, Tax, gst, gst rates
Data from the state finance department shows that Maharashtra’s tax revenue collection has also registered a jump from Rs 1,08,641 crore (5 per cent) in 2013-14 to Rs 1,67,931 crore (22.9 per cent) in 2017-18. (Representational Image)

Revenue receipt in the state has shown a steady increase from Rs 1,49,821 crore (4.8 per cent) in 2013-14 to Rs 2,43,653 crore (19 per cent) in 2017-18.

Data from the state finance department shows that Maharashtra’s tax revenue collection has also registered a jump from Rs 1,08,641 crore (5 per cent) in 2013-14 to Rs 1,67,931 crore (22.9 per cent) in 2017-18.

Revenue receipt data in the state for the last five years is as follows: Rs 1,49,821 crore (4.8 per cent) in 2013-14; Rs 1,65,415 crore (10.4 per cent) in 2014-15; Rs 1,85,035 crore (11.9 per cent) in 2015-16; Rs 2,04,693 crore (10.6 per cent) in 2016-17; and Rs 2,43,653 crore (19 per cent) in 2017-18.

Tax revenue data for the last five years in the state also shows a steady rise: Rs 1,08,641 (5 per cent) in 2013-14; Rs 1,15,090 crore (15.9 per cent) in 2014-15; Rs 1,26,625 crore (11 per cent) in 2015-16; Rs 1,36,616 crore (17.9 per cent) in 2016-17; and Rs 1,67,931 crore (22.9 per cent) in 2017-18.

A senior finance department official said that although there was ample scope for more reforms in the financial sector, the state government’s higher borrowings was to cope with infrastructure expenditure undertaken through public-private partnership model. The objective is to maximise the use of long-term loans taken on lower interest rates for infrastructure and utilise higher state budget funds on social sectors.

The state government is leading in infrastructure projects worth Rs 5.95 lakh crore in the country.

In majority of these projects namely Metro, Monorail, Maharashtra Samruddhi Corridor, Coastal Road etc, the government has taken loans from foreign companies or banks for a period of 40-50 years at an interest rate of 0.5 per cent.

The state budget is being utilised for agriculture and social sectors. The allocation of funds in the social sector and agriculture shows an average increase of 20 per cent and 35 per cent, respectively, in the last three and a half years.
Another area of concern relates to increasing the irrigation potential in the state. The state government has put a ban on big dams.

Advertising

Instead, it has focused on completion of 225 incomplete projects. By 2019 the objective is to bring 7 lakh hectares of land under irrigation in command area. Through the flagship jalyukt shivar project the state government has been able create 15 TMC water.