The State Government’s tax revenue has crossed the ₹10,000 crore mark during July and reached ₹39,242 crore.
This was against the tax revenue of ₹29,212 crore at the end of the first quarter in June. This was 31 per cent of the total tax revenue of ₹1.26 lakh crore projected for the current financial year. Goods and Services tax increased from ₹9,645 crore during June end to ₹12,986 crore while the Stamps and Registration revenue continued its impressive rise from ₹3,815 crore to ₹4,910 crore during the same period.
Revenue through sales tax was ₹10,083 crore at the end of July reaching 30.56 per cent of the projected ₹33,000 crore during the current financial year. Revenue from sales tax at the end of the first quarter was ₹7,479 crore. The State Excise duties were pegged at ₹5,777 crore, 33.01 per cent of the ₹17,500 crore projected for the fiscal with revenue of over ₹1,600 crore during July month alone.
The State’s share of union taxes at the end of July was ₹2,616 crore, 21.09 per cent of the ₹12,407 crore projected for the fiscal while revenue through grants in aid and contributions remained sluggish at ₹1,988 crore, just 4.85 per cent of the ₹41,001 crore projected for the entire fiscal, according to the provisional data submitted to the Comptroller and Auditor General of India.
The non-tax revenue too was impressive at ₹7,432 crore at the end of July achieving 29.24 per cent of the ₹25,421 crore projected for the fiscal. Revenue through borrowings and other liabilities enhanced from ₹5,436 crore at the end of the first quarter to ₹10,945 crore in July thanks to easing of restrictions on open market borrowings to some extent by the Union Finance Ministry.
On the expenditure front, interest payment accounted to ₹6,512 crore against the ₹18,911 crore projected for the financial year while expenditure towards payment of salaries/wages and pensions continued to be on higher side. The expenditure on account of payment of salaries/wages reached ₹12,239 crore at the end of July marking 36.06 per cent of the total ₹ 33,942 crore estimated during the financial year. Expenditure on account of payment of pensions was ₹4,540 crore, 39.88 per cent of ₹11,384 crore estimated for the fiscal. The State’s revenue deficit at the end of July stood at ₹2,936 crore and the fiscal deficit was pegged at ₹10,340 crore. The primary deficit at the end of July was ₹3,828 crore.
