The state of Tripura has achieved a significant milestone by surpassing the Rs 3000 crore mark in its own tax revenue collection for the fiscal year 2022-23. The announcement was made by Finance Minister Pranajit Singha Roy during the presentation of the State Budget 2023-24, which amounted to Rs 27,654.40 crore.
Since the BJP-led government assumed power in Tripura in 2018, the state’s own tax revenue has shown steady and remarkable growth. The actual tax revenue for the fiscal year 2021-22 stood at Rs 2616.31 crore. Although the initial estimated tax revenue for the fiscal year 2022-23 was Rs 2847.69 crore, the revised estimate demonstrated a significant increase, reaching Rs 3000 crore. Encouraged by this upward trend, Singha Roy projected the tax revenue to reach Rs 3360 crore in the fiscal year 2023-24.
Among the various components contributing to the tax revenue, the Goods and Services Tax (GST) has shown substantial improvements. In the fiscal year 2021-22, Rs 1282.69 crore of GST was collected. The revised estimate for the fiscal year 2022-23 indicated a higher figure of Rs 1459.04 crore, compared to the initial estimate of Rs 1425.58 crore. Singha Roy expressed optimism for the fiscal year 2023-24, proposing a target of Rs 1634.09 crore in GST collection.
While most tax revenue components displayed positive growth, the collection of Professional Tax experienced a slight dip according to the revised estimates for the fiscal year 2022-23. The budget initially projected a collection of Rs 42.26 crore from Professional Tax, but the revised estimate recorded a decrease to Rs 38 crore. However, in the current fiscal year, Singha Roy estimated the Professional Tax collection to rebound to Rs 42.55 crore.
The 2023-24 Budget highlights the significant contribution of the state’s own tax revenue, projected to constitute 12.43 percent of the state’s total revenue. This achievement reflects the state government’s commitment to fostering economic growth, ensuring financial stability, and promoting sustainable development in Tripura.
The impressive increase in tax revenue showcases the positive impact of government policies and measures undertaken to enhance revenue generation. It underscores the collective efforts of the administration, taxpayers, and stakeholders in building a prosperous and self-reliant Tripura. As the state aims to achieve its ambitious tax revenue target for the upcoming fiscal year, effective strategies and continued cooperation from citizens will be crucial in ensuring sustained economic growth and prosperity.
