The largest GST revenue growth in Uttar Pradesh in 2022–23 was in the automobile, infrastructure, and iron and steel industries, with overall growth of 21% despite the lack of compensation from the Centre after June 2022. In the most recent fiscal year, the government collected 1.8 lakh crore in GST and VAT, or 86% of the budgeted income of 1.24 lakh crore. The automotive industry saw a 47% gain in sales, infrastructure construction saw a 37% increase, and iron and steel saw a roughly 21% increase. Chemicals, FMCG, electronics, petroleum products, electrical goods, coal and coke, and other industries all had strong revenue growth.
Automobile, infrastructure development, and iron & steel saw the greatest increase in GST revenue in Uttar Pradesh in 2022-23, according to a state tax department report.
The “business sector-wise collection report” revealed that the state’s overall growth in the Goods and Services Tax (GST) for the fiscal year that ended last month was 21% higher than the previous year, when Covid-19 severely disrupted economic activity.
“The economy was strong in 2022–2023 for the first time since the pandemic started in March 2020,” a senior department official said. “This led to positive growth in most sectors, and the overall growth stayed over 20% even though U.P. didn’t get any compensation from the Centre after June 2022.” “UP got about 11,000 crore in compensation up until June,” he said.
In the last financial year, the government made 1.8 lakh crore from GST and VAT. This is 86 percent of the 1.24 lakh crore income goal set for the year.
In 2022-23, the auto industry saw a 47% rise in revenue, according to the study. Over 30% more money came in from the sales of four-wheelers and big vehicles in the state, while over 17% more money came in from the sales of two-wheelers.
From 416 and 356 dealers, the two groups brought in 4,269 crore and 1,475 crore in sales, respectively.
Meanwhile, infrastructure development (roads, highways, bridges, etc.) had the second-highest revenue growth at 37%, providing a revenue of 1,438 crore from 331 dealers.
The iron and steel business contributed more than 3,000 crore to the state exchequer through 868 dealers, with the sector growing at a rate of about 21%.
FMCG (13%), electronics (18%), petroleum products such lubricants and mobil/2T oil (21%), electrical items (20%), coal and coke (25%), and chemicals (15%) also increased income. The cement sector contributed 2700 crore in GST income despite a 6% rise.
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