Chandigarh, August 18, 2021 (Yes Punjab News)
Showing an upward trajectory, the total revenue receipts from April 2020 to March 2021 have increased by Rs. 7466.62 crore (12.14 percent) to Rs. 68995.89 crore in comparison to the previous year’s (April 2019 to March 2020) collection which stood at Rs. 61529.27 crore.
An official spokesperson said that the State’s Own Tax Revenue (OTR) has shown a marginal increase of 0.19% over previous year with total OTR receipts being Rs. 30,057 crore with major components showing an uphill trend being State Excise (27 percent), Stamps and Registration (9 percent) and VAT (3 percent), approx. However, Taxes on Vehicles and SGST have shown negative growth of approx 27 and 7 percent respectively, over previous year.
Notably, State’s Own Non Tax Revenue (NTR) were Rs. 4152 crore, and has declined significantly by 37 percent over Fiscal Year (FY) 2019-20. Some heads such as Medical and Public Health (15 percent), Police (47 percent) and Mining (33 percent) have witnessed a rising trend. Major fall has been observed under Education, Sports, Art and Culture (30 percent), Road transport (38 percent) and others (62 percent).
The share of Central Taxes received amounted to Rs. 10,634 crore, with an increase of 3 percent (approx) over 2019-20.
The spokesperson further pointed out that the Grants-in-aid (GIA) from Centre has shown an increase of approx. 65 percent, with GIA receipts totaling Rs. 24,153 crore during 2020-21. The 80 percent of increase in GIA from Centre i.e. Rs 7,659 crore can be attributed to the Revenue Deficit (RD) Grant. The State has received Rs. 638.25 crore monthly during FY 2020-21 on account of RD grant as per the recommendations of 15th Finance Commission.
Revenue Expenditure has increased by 15% from Rs. 75,819 crore to Rs. 87,096 crore with major increase of 33 percent (i.e. Rs. 3,381 Crore) in Pension and Retirement benefits over Fiscal Year 2019-20. Also, Interest payments have increased by Rs 1,585 crore (9 percent), as also expenditure under General Education: Rs. 1,134 crore (11 percent increase).
Also, Power Subsidy released during the period Apr-Mar 2021 has been Rs. 9,657 crore, said the spokesperson adding Capital expenditure has almost doubled from Rs. 2,224 crore to Rs. 4382 crore, registering an increase of 97 percent.
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