Gujarat’s tax revenue shoots up to ₹1.34 lakh cr in 2023-24

The Gujarat government’s annual income numbers portray the financial year 2023-24 as significantly fruitful, as the numbers released by the finance department state the income in this tenure to be ₹1.34 lakh cr.

Stamp duties and electricity charges account as the highest earners in this area, with their total income reaching around ₹26,800 cr.

Out of the yearly spike in the state’s total income, the annual growth rate of stamp duties and electricity charges stood at a 10.26% increase, while land revenue is at a record 13.26% hike.

Setting aside the slumps in the customs and entertainment tax, the annual growth rate in the government’s tax income saw a sharp spike of 9.68%.

This year marked a ₹10,000 cr jump in the income of the state government. In the previous financial year, the annual income stood at ₹1.24 lakh cr.

Gujarat’s GST revenue

Over the past 13 years, Gujarat has made significant tax earnings, whether in goods and services (GST) or the previous system of sales and value-added tax (VAT).

At the end of this financial year, the GST collections are seen to have catapulted to ₹93,614 cr from last year’s ₹89,138 cr.

And from the 2011-21 tenure, the tax income registered a significant spike, from a ₹44,250 cr collection in 2011-12 to ₹97,709 cr in 2021-22.

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