Overall revenue receipts of Telangana by October-end at just 41% of budget estimates
The Hindu
State's finances struggling with revenue shortfall, tax revenue slightly better, borrowings high, revenue deficit reported.
Poor run of the State’s finances is continuing for the seventh month in the current financial year with State registering overall revenue receipts of little above 40% of the target set in the budgetary estimates for the fiscal.
The State’s overall revenue receipts at the end of October stood at ₹90,844 crore, 41.06% of the ₹2.21 lakh crore projected in the budget estimates. Tax revenue was shade better at ₹82,135 crore during the seven months which is 49.96% of the ₹1.64 lakh crore estimated in the budget. Revenue through Goods and Services Tax at the end of October was shade above 50% at ₹29,526 crore of the ₹58,594 crore projected in the budget estimates while earnings through Sales Tax and State’s share of Central taxes too crossed 55%.
The State netted revenue of ₹8,359 crore through Sales Tax at the end of October reaching 55.59% of the ₹18,595 crore estimated for the fiscal and the State’s share of Central taxes during the period stood at ₹10,159 crore, 55.26% of the ₹10,159 crore estimated in the current fiscal. Non-Tax revenue remained a non-starter at ₹4,809 crore after seven months. This was just 13.66% of the ₹35,208 crore projected in the budget estimates. The same was the case with the revenue under Grants-in-Aid and Contributions which remained at ₹3,899 crore, 18.02% of ₹21,636 crore projected with just five months left for the completion of the financial year.
The State’s borrowings at the end of October however reached ₹35,120 crore, 71.30% of the ₹49,255 crore permitted by the Union Finance Ministry, according to the provisional data submitted to the Comptroller and Auditor General of India. The State reported a revenue deficit of ₹15,203 crore against ₹297 crore surplus projected in the budget estimates and fiscal deficit of ₹35,120 crore at the end of seven months while the primary deficit during the period was pegged at ₹19,968 crore.
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