The State Government has apparently landed in a piquant situation in terms of finances.
The State registered impressive performance in all sectors, be it revenue from goods and services tax, stamps and registration, sales tax or state excise duties. But from a revenue surplus of ₹ 6,743 crore estimated in the current year’s budget, the State is facing a deficit of ₹6,942.31 crore at the end of November.
The major contributors for the situation are the estimates of grants in aid and contributions and non-tax revenue estimates in the current year’s budget which are not anywhere near the projected figure. The non-tax revenue for the year 2021-22 was estimated at ₹ 30,557.35 crore but the actuals up to November was ₹4,395.12 crore little over 14 per cent of the target.
The same is the case with the grants in aid and contributions that were estimated at Rs. 38,669.46 crore but the actual achievement was just around 15 per cent, Rs. 5,687.79 crore till the end of November, according to the monthly key indicators posted in the Comptroller and Auditor General of India’s website.
As a result, the State’s total revenue receipts till November end stood at ₹ 74,940.86 crore against the ₹1.76 lakh crore projected for the total year showing a deficit of ₹ 1 lakh crore with just four months left for the completion of the financial year. Performance in terms of tax revenue during the period was impressive at ₹64,857.95 crore against the ₹1.06 lakh crore projected for the entire year, marking 60.67 per cent realization.
Stamps and Registration department continued its stride registering crossing ₹ 7,000 crore mark by November (₹ 12,500 crore projected for the total year) reaching ₹7,028 crore, up about ₹1,200 crore from October’s ₹ 5,880 crore. Performance in terms of State Excise duties too was no less impressive with the State registering ₹ 11,070 crore revenue against ₹ 17,000 crore projected for the year marking achievement of over 65 per cent.
Revenue through GST was ₹20,859.43 crore till November end against ₹35,520 crore estimated for the entire year and sales tax revenues were pegged at ₹17,181 crore against ₹26,500 crore for the year. The State’s share of union taxes was ₹ 5,560.29 crore on course of achieving the estimated ₹8,721.38 crore.
