Indore : It seems, there is no recession in Madhya Pradesh as the State Government recorded quantum leap in collection of Commercial tax and VAT in the first quarter of this financial year.
The Commercial Tax collection has recorded 13.44 per cent rise in Q-1 of this fiscal in comparison to the preceding year. Similarly, VAT collection too registered 15.16 per cent rise during this period.
According to the economists, the collection figures are barometer of health of any nation or state. If tax collection goes down in comparison to previous quarter or year, then it’s considered as recession in the economy. However, Madhya Pradesh has registered a whopping increase of 13.44% in the first quarter of current FY. According to the official figures received from the city based Commissioner, Commercial Tax, Rs 4794.97 Cr has been collected in the Q-1 while it was Rs 4226.94 cr during the same period in last FY, showing a net increase of Rs. 568.03 cr or 13.44 percent.
Provisional official data shows that VAT collection stood at Rs 3986.98 cr during this period while Rs 3462.05 cr was collected in the preceding year, showing a net increase of Rs 524.93 cr or 15.16 percent. The Central Sales tax (CST) collection stood at Rs 199.33 crore this quarter while Rs 184.68 cr was collected during this period in last year
The Professional tax, levied from salaried person stood at Rs 57.61 cr or 12.21 percent up. Last time Rs 51.61 cr was collected.
The LEAAT (Luxury, Entertainment, Advertisement, and Amusement Tax) collection registered a jump of 19.93 percent. It stood at Rs 19.32 cr while in last FY’s Q-1 it was 16.11percent.
Similarly, the Entry Tax, levied at entrance of goods in MP from outside states, collected provisionally stood at Rs 531.73 cr while it was 512.76 cr during the same period last year, a net increase of 3.70 percent.
A top official of the CT Department expressed hope that the upward trend in tax collection would continue in the current FY.
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