Jharkhand Surpasses Revenue Expectations Amid Economic Challenges

Jharkhand Finance Minister Radhakrishna Kishore reports revenue collections of Rs 92,189.10 crore in FY 2024-25, achieving 86.16% of the target. Despite election impacts, total collections reached Rs 1,03,469.82 crore. Efforts to boost revenue include adjusting VAT on diesel and aviation fuel.

Jharkhand's revenue collection for the financial year 2024-25 stands at Rs 92,189.10 crore, achieving 86.16% of its Rs 1,06,999.57 crore target, Finance Minister Radhakrishna Kishore announced. Including non-tax receipts, total collections reached Rs 1,03,469.82 crore, nearing the target of Rs 1,28,900 crore.

Despite the fiscal challenges posed by the Lok Sabha and assembly elections, which affected revenue collection, the share of central taxes exceeded expectations, mopping up Rs 42,557.30 crore, or 105.50% of the estimated Rs 40,338.22 crore. Grants-in-aid, however, were notably lower, reaching just 53.43% of the target.

Kishore highlighted strategic measures aimed at bolstering the state's economic health. The government adjusted VAT on bulk high-speed diesel, anticipating an additional Rs 500 crore in revenue. Further, a VAT increase on aviation turbine fuel expects to add Rs 50 crore annually to the coffers.

(With inputs from agencies.)