The State has significantly improved its revenues by the end of January with revenue receipts reaching almost ₹1 lakh crore.
The actual revenue receipts at the end of January were pegged at ₹98,282.67 crore, a significant jump from ₹86,051.41 crore at the end of the October-December quarter. The State registered revenue receipts of ₹10,881.9 crore during the month, the highest in a month during the current financial year. The previous highest of ₹10,659.17 crore revenue receipts was reported during November.
The tax revenue by the end of January was ₹85,378.59 crore, 79.87% of the estimated ₹1.06 lakh crore, with two more months to go. Revenue through Goods and Services Tax was ₹27,348.74 crore, 76.99% of the ₹35,520 crore projected for the entire fiscal and the sales tax collections too were impressive at ₹22,285.62 crore, 84.1% of the targeted ₹26,500 crore.
Revenue through the State’s share of union taxes was ₹7,589.58 crore against the estimated ₹8,721.38 crore and impressive collections were reported in the form of State Excise duties. The State Excise duties at the end of January were ₹14,447.13 crore, 84.98% of the estimated ₹17,000 crore and Registration and Stamps Department continued its impressive run reporting ₹9,637.69 crore revenue at the end of January against the estimated 12,500 crore.
According to the key monthly indicators posted on the Comptroller and Auditor General of India’s website, non-tax revenue and the grant in aid and contributions, however, continued their poor run reporting ₹5,600.47 crore and ₹7,303.61 crore respectively. By January end, revenue through non-tax sources was just 18.33% of the estimated ₹30,557 crore and it was 18.89% of the estimated ₹38,669 crore for the entire year.
Borrowings and other liabilities continued to increase reaching ₹44,406 crore of the estimated ₹45,559 crore, achieving 97.49% of the target. As a result, the revenue deficit at the end of January was estimated at ₹14,813 crore against the ₹6,743 crore revenue surplus estimated in the budget. Coupled with the fiscal deficit, the primary deficit at the end of January was projected at ₹29,432.58 crore against the budget estimates of ₹27,925.22 crore.
