August 14, 2022

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Karnataka govt data reveals 34 % drop in key revenue sources

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The key revenue sources generated by the Government are anticipated to have a drop , excluding the Excise department. As per the data given by the State government, there will be a 30 % or more drop in the budget in the Commercial Tax, Transport, Stamps and Registration Departments.

There will be a 45 % cut-down in the grant-in-aid and amount of Rs. 17,372 crore will be released contrary to the estimate of Rs. 31,570 crore.

The worst affected is the Transport Department which has collected only 48% revenue of the target. Likewise, the revenue obtained from Commercial Tax department will be Rs 21,094 crore short than the estimation of Rs. 66, 327 crore.

Considering the current fiscal condition, the state will be able to obtain half the GST compensation declared in the budget, which comes up to Rs. 15,017 crore over the amount of Rs. 28,591 crore.

Karnataka chief minister B S Yediyurappa has stated that the government will raise the lost revenue on its own to settle up for the loss of GST compensation over two years. He answered, “The government will have to increase its own SGST, excise, stamps and registration, motor vehicle tax and other non-tax revenue collections to balance the financial condition.”

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