29.2 C
New York
Wednesday, July 6, 2022

State’s tightrope walk on finances continues- Mrit News

- Advertisement -

The tight rope walk of the State government in terms of finances continues as the revenue receipts remained stable around ₹10,000 crore.

Total revenue receipts during April are pegged at ₹9,983.8 crore of which tax revenue accounted for ₹9,291.97 crore. Revenue through Goods and Services Tax was ₹3,387 crore, 8.03% of the estimated ₹42,189 crore for the financial year while the earnings through State excise duties remained much lower at ₹1,047 crore against the estimated ₹17,500 crore.

The Registration and Stamps Department continued its good run contributing ₹1,342.25 crore against the projected ₹15,600 crore for the year while revenue through sales tax was ₹2,308 crore, 7% of the projected ₹33,000 crore for the year, according to the figures available with the Comptroller and Auditor General of India (CAG).

Revenue through State excise duties is expected to increase from May as the government has effected hike in prices of different categories of liquor while tax through enhancement of life tax on vehicles is also expected to result in increased earnings from this month. Denial of permission by the Central government to opt for open market borrowings so far has adversely affected the State’s performance as the government would raise only ₹267.58 crore in the form of borrowings during the first month of the current fiscal. The government had pegged the borrowings and other liabilities for the current fiscal at ₹52,167.21 crore and could mobilise less than 1% (0.51%) of the budget estimates during the month.

The figures come at a time when the deadline for fulfilling some of its commitments is drawing closer. The State has to credit ₹7,400 crore as investment support to farmers under Rythu Bandhu scheme from the commencement of kharif sowings while another impending burden is likely to be on account of payment of arrears pertaining to the pay revision to all categories of employees.

Employees were assured that the arrears of pay revision would be credited to their accounts in 18 equal instalments starting with salary of May payable in June. The government had spent ₹3,271.65 crore on account of salaries and another ₹1,468 crore on pensions during April, according to the monthly key indicators shown in the CAG. This was against ₹2,018 crore and ₹1,027 crore respectively during the same month previous fiscal.

Another major burden on the government has been the interest payments which accounted for ₹1,545.81 crore in April 2021 and ₹1,631.62 crore in April 2022. Finance Department officials are working overtime in exploring avenues to mobilise additional finances to fulfil the commitments.

- Advertisement -

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected

- Advertisement -

Latest Articles