State’s financial health improving

Revenues hit by the COVID-19 pandemic are inching towards normalcy

The State’s finances severely hit by the COVID-19 pandemic last fiscal are gradually inching towards normalcy with the State registering own tax revenue of close to ₹ 6,750 crore during April. Of the total receipts during the month, revenue from commercial taxes was ₹ 1,921 crore including ₹ 845 crore through value added tax from the Excise department. SGST/IGST collections accounted for ₹ 2,697 crore and Excise ₹ 1,030 crore. Revenue through stamps and registrations was ₹ 573 crore and transport ₹ 337 crore and that from other taxes was ₹ 36 crore, taking the State’s own tax revenue to ₹ 6,593 crore during April. Revenue through mines was ₹ 128 crore and other non-tax sources was ₹ 25 crore amounting to ₹ 153 crore. The collection of tax and non-tax revenue during the month together amounted to ₹ 6,746 crore. The share in Central taxes was ₹ 823 crore and share of centrally sponsored schemes was ₹ 39 crore while ₹ 230 crore accrued through the Finance Commission grants taking the overall receipts from the Centre to ₹ 1,092 crore. Added to this was the ₹ 1,502 crore raised from open market borrowings through the Reserve Bank of India taking the total revenue receipts during the month to ₹ 9,341 crore, according to officials. The number is likely to be a little higher after the figures are reconciled department wise.