Tax revenue of the State was shade better at ₹82,135 crore during the seven months which is 49.96% of the ₹1.64 lakh crore estimated in the budget.
| Photo Credit: G. RAMAKRISHNA
Poor run of the State’s finances is continuing for the seventh month in the current financial year with State registering overall revenue receipts of little above 40% of the target set in the budgetary estimates for the fiscal.
The State’s overall revenue receipts at the end of October stood at ₹90,844 crore, 41.06% of the ₹2.21 lakh crore projected in the budget estimates. Tax revenue was shade better at ₹82,135 crore during the seven months which is 49.96% of the ₹1.64 lakh crore estimated in the budget. Revenue through Goods and Services Tax at the end of October was shade above 50% at ₹29,526 crore of the ₹58,594 crore projected in the budget estimates while earnings through Sales Tax and State’s share of Central taxes too crossed 55%.
The State netted revenue of ₹8,359 crore through Sales Tax at the end of October reaching 55.59% of the ₹18,595 crore estimated for the fiscal and the State’s share of Central taxes during the period stood at ₹10,159 crore, 55.26% of the ₹10,159 crore estimated in the current fiscal. Non-Tax revenue remained a non-starter at ₹4,809 crore after seven months. This was just 13.66% of the ₹35,208 crore projected in the budget estimates. The same was the case with the revenue under Grants-in-Aid and Contributions which remained at ₹3,899 crore, 18.02% of ₹21,636 crore projected with just five months left for the completion of the financial year.
The State’s borrowings at the end of October however reached ₹35,120 crore, 71.30% of the ₹49,255 crore permitted by the Union Finance Ministry, according to the provisional data submitted to the Comptroller and Auditor General of India. The State reported a revenue deficit of ₹15,203 crore against ₹297 crore surplus projected in the budget estimates and fiscal deficit of ₹35,120 crore at the end of seven months while the primary deficit during the period was pegged at ₹19,968 crore.
Published – November 22, 2024 08:49 pm IST