Ministry of Finance has revealed that the state has recorded an increase of USD130 million in tax revenue collected so far in 2023.
Thee Weekly Fiscal Developments report shows that the tax revenue increased after the government hiked the Goods and Services Tax (GST) from 6% to 8% and the Tourism Goods and Services Tax (TGST) from 12% to 16% at the start of the year. The report shows that the state received USD629 million in revenue as of April 13. Around USD473 million was collected in tax revenue, which is a significant increase compared to the USD376 million collected in the same period last year. The report also shows that USD273 million was collected in GST and USD104 million was collected in TGST.
Additionally, the state collected USD156 million in non-tax revenue, which is an increase compared to the USD128 million collected in the same period last year. Meanwhile, the expenditure has reached USD824 million, which is also an increase compared to the USD681 million in expenditure recorded in the same period last year. Around USD564 million went to recurrent expenditures, USD253 million went to capital expenditure, and USD188 million went to infrastructure assets.