The State’s revenue receipts for the previous financial year 2021-22 are pegged at Rs. 1.27 lakh crore, close to 30% less than the Budget estimates.
The government has projected revenue receipts to be of the order of ₹1.76 lakh crore in the Budget, but the actuals at the end of the year stood at ₹1.27 lakh crore, reaching only 72.37% of the estimates. As expected, non-tax revenue and grants in aid and contributions lagged behind resulting in a major dip in the actual revenue.
While the non-tax revenue was pegged at ₹30,557 crore in the Budget estimates, the actuals at the end of the fiscal was just ₹8,857.37 crore, 28.99% of the projected figure. Grants in aid and contributions remained much lower at ₹8,619 crore against the projected ₹38,669 crore, achieving just 22.29% of the projected figure.
According to the Comptroller and Auditor General of India’s preliminary report, tax revenue improved during the previous financial year reaching ₹1.09 lakh crore as against the projected ₹1.06 lakh crore and revenue through stamps and registration was ₹12,372 crore, a shade short of the projected ₹12,500 crore. The State recoded goods and services tax collection of ₹34,489 crore, 97.1% of the projected ₹35,520 crore and revenue through State Excise duties too breached the projected figure. Revenue through State Excise duties reached ₹17,482 crore against the projected ₹17,000 crore and the same was the case with sales tax which reached ₹26,973 crore compared to Budget estimate of ₹26,500 crore.
Another area where the State received fillip was its share in Central taxes which reached ₹13,147 crore against the Budget estimates of ₹8,721 crore. The burden on account of interest payments continued to increase as the State had incurred ₹18,688 crore against the projected ₹17,584 crore. Borrowings and other liabilities continued to be on the higher side at ₹47,737 crore against ₹45,509 crore projected in the Budget estimates.
The State’s revenue deficit during the year 2021-22 was ₹10,163 crore against the ₹6,743 crore surplus projected in the Budget. Fiscal deficit reached ₹47,690 crore against the Budget estimates of ₹45,509 crore while the primary deficit was pegged at ₹29,002 crore compared with ₹27,925 crore in Budget estimates.
