Significant rise in revenue following complete lifting of COVID-19 restrictions; revenue during June crosses ₹ 10,000 crore mark
The State’s finances are fast returning to normalcy after suffering huge losses on account of the COVID-19 pandemic.
Revenue receipts, including revenue from Goods and Services Tax, Sales Tax, Stamps and Registration, Excise and other revenue earning departments, have shown significant rise in the first quarter, especially since the complete lifting of the restrictions imposed due to COVID-19. The monthly revenue crossed ₹ 10,000 crore mark in June after several months going by the unaudited provisional figures of the government accounts.
The total revenue receipts for the first quarter stood at ₹ 24,629 crore up ₹ 10,219 crore from ₹ 14,410 crore reported during May. Total tax revenue during the first quarter was ₹ 20,225.68 crore against the budget estimate of ₹ 1,06,900.13 crore for the current financial year, according to the figures of monthly key indicators for the first quarter in the CAG website.
Goods and Services Tax reported revenue of ₹ 6,640.81 crore during the quarter against the budget estimate of ₹ 35,520 crore while the sales tax component during the period stood at ₹ 5,878.77 crore against the budget estimate of ₹ 26,500 crore for the year. Among the other revenue earning departments, State Excise duties stood at ₹ 3,526.37 crore (BE estimate for 2021-22 ₹ 17,000 crore), revenue from Registration and Stamps was pegged at ₹ 1,668.15 crore (BE ₹ 12,500 crore) and State share of Union taxes ₹ 1,501.71 crore (BE ₹ 8,721.38 crore).
Revenue of ₹ 1,009.81 crore (BE ₹ 6,652.14 crore) was generated in the form of other taxes and duties during the quarter and non-tax revenue was pegged at ₹ 903.90 crore (BE ₹ 30,557.35 crore) while grant-in-aid and contributions stood at ₹ 3,499.59 crore (BE ₹ 38,669.46 crore).
Borrowings and other liabilities categorized under Capital Receipts were pegged at ₹ 12,891.76 crore (BE ₹ 45,509.59 crore) during the period. The total receipts, including borrowings and other liabilities, stood at ₹ 37,533.40 crore against the budget estimate of ₹ 2.21 lakh crore.