J’khand’s commercial tax dept posts 114% collection in 2022-23

Jharkhands Commercial Tax department posted a record collection of over Rs 21,000 crore for the financial year 2022-23, state Finance minister Rameshwar Oraon said.The target for the department for 2022-23 fiscal was Rs 18,500 crore.The departments revenue collection is around 114 per cent against the target till Friday evening for 2022-23 fiscal.

Jharkhand's Commercial Tax department posted a record collection of over Rs 21,000 crore for the financial year 2022-23, state Finance minister Rameshwar Oraon said.

The target for the department for 2022-23 fiscal was Rs 18,500 crore.

''The department’s revenue collection is around 114 per cent against the target till Friday evening for 2022-23 fiscal. Against the target of Rs 18,500 crore, the collection reached over Rs 21,000 crore by Friday evening, which means Rs 2,500 more than the target. We hope Rs 10-15 crore will be added more to the collection by night,'' Oraon said, while briefing media persons on Friday.

In 2021-22, the department had earned Rs 19,750 crore against the target of Rs 16,500 crore. ''In 2021-22 fiscal, the collection was also more than the target but it had been achieved due to Centre’s GST compensation to the states,'' he said.

Since the GST compensation was applicable for only five years, the Centre stopped the release of compensation from July 1, 2022. ''This fiscal, the revenue figure was achieved without GST compensation,'' Oraon said.

The department initiated several steps to fill the revenue gap created after withdrawal of GST compensation, he said. The department set up Intelligence and Revenue Analysis Unit (IRAU) at headquarters and division levels. Besides, Special Tax Unit (STU) was set up in five big circles.

Speaking about the overall government expenditure in the fiscal 2022-23, the minister said an amount of Rs 84,500 was spent against the total budget outlay of Rs 1.01 lakh crore by the evening. ''We are expecting that overall expenditure will go beyond 86% by the night on Friday,'' he said.

Meanwhile, Jharkhand Chief Minister Hemant Soren said that it has been a year of better fiscal performance.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)