Lucknow. The capital and surrounding areas are proving to be quite suitable for service sector companies. Along with better earnings, service sector companies are also providing huge revenue to the central and state governments. Among the top five companies giving the highest revenue, the top three companies are from the telecom, banking and finance and insurance service sectors, while the fourth and fifth positions are from the manufacturing sector, Pan Masala and Auto Spare Parts.
In Lucknow, most of the big companies are registered under the CGST department of the central government and small companies are registered under the SGST department of the state. Any company has to deposit a fixed share of its earnings in the form of tax separately in both the departments. More than 40 percent of the revenue received by both the departments including CGST Commissionerate Office and Lucknow Zone of SGST comes from service sector companies.
According to Kailash Nath, Additional Commissioner in Lucknow Zone One of the State GST Department and Rajesh Pandey, Additional Commissioner of Zone Two, the service sector’s telecom, banking and finance, insurance, contract works, builder companies based in Gomtinagar, Bridge Corporation and IT sector get the highest revenue. Are getting.
Whereas, after this, in the manufacturing sector, about 30 percent comes from pan masala, tobacco products and then the motor vehicle parts manufacturing unit of Tata Motors located in Chinhat adjacent to the city. At the same time, the third position is being taken by automobile dealers, government employees and trading of electronic equipment.
30 percent of the companies are registered in the CGST department of the central government and 70 percent of the companies are registered in the GST department of the state government. But, CGST gets the maximum revenue because of big companies. In the last five years, the number of taxpayers in CGST has also increased by 50 percent.
Principal Commissioner of CGST Lucknow Commissionerate KP. Singh said that the department is getting maximum revenue from service sector companies. After this is the number of manufacturing units. CGST revenue is increasing year after year. In the financial year 2023-24 alone, CGST received revenue of Rs 8,400 crore. Which is Rs 1,292 crore more than the last financial year.