CM Siddaramaiah prepares for budget; Govt races to collect Rs 75,000 crore revenue in next 4 months

BENGALURU: Chief Minister Siddaramaiah has begun preparations to present the budget amid challenges in meeting the tax collection target for 2024-25. He has been holding consultative meetings over the last few days with officials and other stakeholders.

The government has released the revenue collection report from April to November, showing a 60 per cent tax collection achievement in four major departments: Excise, Registration, Commercial Tax, and Motor Vehicle Tax. With only four months left to meet the target, the government needs to collect Rs 75,000 crore to achieve its target. Failure to meet the target may force the government to take loans.

As announced by the government, it has set a target of tax collection of  Rs 1,89,893 crore in 2024-25. According to the statistics of the Finance Department, the departments that collected Rs 1,14,714 crore in revenue from various sources from April to November. The government has collected only 60.41 per cent of the taxes including excise, registration stamp, commercial tax, motor vehicle tax so far.

Tax collection in each department

Commercial Tax department

Target- Rs 11,00,00 crore.
Collection- Rs 67, 484 crore
Percentage Achieved- 61.35 pc

Excise department

Target- Rs 38,525 crore.
Collection- Rs 23, 733 crore
Percentage Achieved – 61.60 pc

Motor vehicle tax

Target- Rs 13,000 crore.
Collection- Rs 7,785 crore
Percentage Achieved – 59.89 pc

Stamps and Registration

Target- Rs 26, 000 crore.
Collection- Rs, 15, 045 crore
Percentage Achieved -57.87 pc

Others

Target- Rs 2,368 crore
Collection- Rs 665 crore
Percentage Achieved – 28.20 pc

Total Target – 1,89,893 crore
Total Collection- Rs 1,14,714 crore
Percentage Achieved – 60.41 pc
Due – Rs 75,179 crore.