The State achieved 100% target in terms of tax revenue during the previous financial year 2022-23 with tax revenue at the end March pegged at ₹1,26,617 crore, a shade higher than budget estimate of ₹1,26,606 crore.
The total revenue receipts were however on the lower side at ₹1.59 lakh crore, registering a shortfall of over ₹ 30,000 crore against the ₹1.93 lakh crore projected in the budget estimates. As expected, the Grants-in-Aid and contributions were much lower at just ₹ 13,179.21 crore while the budget estimates were at ₹41,001.73 crore while the target under the non-tax revenue too was lower at ₹ 19,553.62 crore against ₹25,421 crore projected in the budget estimates.
Revenue through Goods and Services tax at the end of March was pegged at ₹41,888 crore against ₹42,189 crore projected for the year. Revenue receipts from Stamps and Registration remained at ₹14,228 crore, close to ₹1,400 crore less than ₹15,600 crore projected in the budget estimates, according to the provisional figures released by the Comptroller and Auditor-General of India.
Revenue through State excise duties was at ₹18,470 crore, higher than the ₹ 17,500 crore of budget estimates while that from sales tax was ₹29,604 crore, 89.71% of the targeted ₹33,000 crore. State’s share of Union Taxes was higher at ₹13,994 crore, 112.9% of the projected ₹ 12,407 crore and revenue through other taxes and duties too was higher at ₹8,430 crore, 142% of the projected ₹5,902 crore.
The biggest impact was on the figures relating to borrowings and other liabilities categorised under capital receipts with State reporting ₹32,747 crore against ₹52,227 crore projected in the budget estimates. On the expenditure front, interest payment at the end of March was ₹20,952 crore, over ₹2,000 crore higher than the ₹18,911 crore projected in the budget estimates while there was steep rise in the expenditure on account of payment of salaries/wages and pensions.
The State incurred expenditure of ₹35,266 crore on payment of salaries/wages against ₹33,942 crore projected in the budget estimates. Pension payments too were on the higher side at ₹15,816 crore, over ₹ 4,000 crore more than ₹11,384 crore of the budget estimates.
The State registered revenue surplus of ₹6,508 crore against the estimated ₹3,754 crore at the end of March and fiscal deficit was pegged at ₹32,119 crore. The primary deficit at the end of March was ₹11,166 crore much lower than ₹33,255 crore projected in the budget estimates.
