State revenue, grant hit MVR996.5mn in May 2021

The state revenue inclusive of grants reached MVR996.5 million in May 2021, marking a 241.3% increase in comparison with May 2020.

According to Ministry of Finance in their latest Monthly Fiscal Developments publication, the state revenue saw significant increase majorly due to the improved performance of GST.

Moreover, as per the revenue composition TGST took up a share of 36.6% of the total revenue earned to state in the review month making it the strongest earning category. Collections from Import Duty covered 15.9% in May 2021 making it the second most prominent.

Other major earning categories include GGST with a share of 13.2% from the total and Withholding Tax with a share of 5.5% of the total.

Meanwhile, total expenditure increased by 2.4% in the review month, in comparison with the same month last year. Capital expenditure had declined by MVR79.4 million in May while recurrent expenditure increased by MVR130.0 million owing to the increment in salaries and wages.

The expenditure composition reveals, 38.8% of the total was spent on salaries and wages.

Furthermore, 33.6% from the total expenditure went towards administrative and operational expenses. The total expenditure for the review month stood at MVR2,176.7 million (MVR2.2 billion).