Gujarat’s tax revenue shoots up to ₹1.34 lakh cr in 2023-24
Updated: Feb 13th, 2024
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| Gujarat Tax Revenue (img: Envato Elements) |
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.
| Source of revenue | 2023-24 (in crores) | Annual increase |
| Goods and services tax (GST) | ₹93,615 | 9.59% |
| Stamp and registration | ₹15,000 | 10.21% |
| Electricity charges | ₹11,789 | 10.26% |
| Motor vehicles tax | ₹5,183 | 9.20% |
| Land revenue | ₹6,596 | 13.28% |
| Customs tax | ₹132 | -3.72% |
| Fixed assets tax | ₹592 | 11.58% |
| Entertainment tax | ₹3 | -23.04% |
| State excise | ₹180 | 7.93% |
| Other taxes | ₹1,007 | 6.37% |
| Total tax revenue | ₹1.34 lakh | 9.68% |
