U.T. government revises revenue target for current fiscal to ₹7,374 crore
The Hindu
Government revises revenue target upwards by ₹460 crore for 2024-25 due to VAT hike and revenue mobilisation plans.
In anticipation of more revenue coming into the government coffers following last month’s hike in Value Added Tax for petrol and diesel and other revenue mobilisation plans in the offing, the administration has revised the revenue target from own resources by around ₹460 crore from the Budget Estimates for 2024-25.
The Budget presented in August last year had estimated revenue receipts of ₹6,914 crore from commercial tax, excise, registration, transport and from non-tax sectors, such as electricity tariff collection and user charges.
While nearing the fag end of the current financial year, the government has revised its revenue target to ₹7,374 crore following the assessment made by tax collectors of raising ₹186 crore more from the higher tax imposed on diesel and petrol last month. The higher projection of revenue was also owing to measures being contemplated on the excise duty and liquor licensing front, an official told The Hindu.
Officials believe the revenue mobilisation was on track as the government was able to achieve 71% of the projected revenue till last month. As on January 20, a sum of ₹5,249 crore was generated from own resources, which amounts to 71% of the revised revenue projection of ₹7,374 crore. Out of the ₹5,249 crore generated, ₹1,755 crore came as proceeds from commercial tax, ₹1,184 crore from excise, ₹137 crore from transport, ₹75 crore from registration and ₹2,093 crore as non-tax receipts (power tariff and PWD user charges).
The government’s confidence in achieving revised revenue target fixed for 2024-25 also stems from visible trends of last two financial years. Of the revenue target of ₹6,301 crore fixed for 2022-2023, the government was able to mobilise ₹6,261 crore and in 2023-24, around ₹6,484 crore was collected out of the revenue target of ₹6,442 crore. During both financial years, the government was able to achieve 99% of the revenue target, the official said.
In a recent meeting of the Puducherry Consultative Committee for Transformation (the renamed Puducherry Planning Board) to discuss the fiscal position of the Union Territory, the Lieutenant Governor, K. Kailashnathan, had advised officials to plug revenue leakage in excise sector. Drawing the attention of the officials to the issue, he said there had been reports of discrepancies in billing of IMFL bottles and the scope for generating more revenue from the sector.
The Centre had allowed the Union Territory to borrow around ₹2,066 crore, including ₹1,616 crore from Open Market and ₹450 crore as negotiated loan from financial institutions, in 2024-25 to bridge the fiscal deficit. The government till January had only raised ₹900 crore from open market, mainly through sale of dated securities giving room for the administration to raise ₹700 crore more in the next few weeks in case of revenue shortfall.
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