Kerala’s tax and non-tax revenues go up in 2023-24, grants-in-aid dip sharply: AG’s report
The Hindu
Kerala's revenue receipts decline due to drop in grants-in-aid, while tax and non-tax revenues increase, impacting overall fiscal health.
Kerala’s total revenue receipts fell by 6.21% in 2023-24 over the previous fiscal, largely on account of a sharp dip in grants-in-aid from the Centre, indicated a report of the Accountant General (Accounts and Entitlements) tabled in the State Legislative Assembly on Tuesday (January 21, 2025). At the same time, the State’s own tax and non-tax revenues have gone up.
The yearly growth in the Gross State Domestic Product (GSDP) was 11.97%. The outstanding public debt of the State at the end of 2023-24 was ₹2,82,495.30 crore, comprising internal debt (₹2,57,157.92 crore) and loans and advances from the Centre (₹25,337.38 crore), the ‘Accounts at a Glance’ report for the 2023-24 fiscal said.
Bsaed on the quick estimates for 2023-24, the report noted a 6.47% increase in Kerala’s tax revenues and 8.12% increase in non-tax revenues over the previous fiscal. However, grants-in-aid – which represent assistance from the Centre and comprise grants for Centrally sponsored schemes, grants recommended by the Finance Commission, and other grants – fell by 55% over the previous fiscal.
Tax revenues rose by ₹5,843.09 crore, from ₹90,228.84 crore in 2022-23 to ₹96,071.93 crore, in 2023-24. Non-tax revenues went up from ₹15,117.95 crore to ₹ 16,345.96 crore. On the other hand, grants-in-aid fell from ₹27,377.86 crore to ₹12,068.26 crore. Consequently, total revenue receipts slipped from ₹1,32,724.65 crore in 2022-23 to ₹1,24,486.15 crore in 2023-24.
Out of the ₹96,071.93 crore tax revenue, State’s Own Tax Revenue (SOTR) stood at ₹74,329.01 crore, the report noted. SOTR in 2023-24 was higher by ₹2,360.85 crore compared to 2022-23.
After increasing from ₹11,235.26 crore in 2019-20 to ₹31,068.28 crore in 2020-21, grants-in-aid have shown a decreasing trend in recent years. It fell to ₹30,017.12 crore in 2021-22, and ₹27,377.86 crore in 2022-23 before falling to ₹12,068.26 crore now.
The report also noted that 73.36% the revenue receipts of the State government was spent on committed expenditure such as salaries, interest payments and pensions.
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