The State’s overall revenue receipts during the just-concluded financial year 2023-24 stood at ₹1.69 lakh crore, just 78.08% of the projected ₹2.16 lakh crore.
According to preliminary estimates, the tax revenue was ₹1.35 lakh crore, more than 10% lower than the projected ₹1.52 lakh crore. The overall revenue included borrowings and other liabilities to the tune of ₹49,440 crore, almost ₹11,000 crore higher than ₹38,234 crore of the budget estimates for the financial year.
The fall in overall revenue receipts and tax receipts during the fiscal proved Deputy Chief Minister (Finance Minister) Mallu Bhatti Vikramarka’s assertion that the previous BRS government had inflated revenues and the overall receipts could fall by close to ₹70,000 crore by the end of the fiscal. The quantum was, however, lesser at ₹49,000 crore, according to the provisional figures submitted to the Comptroller and Auditor General of India.
On the revenue side, the State achieved more than 100% in State Excise duties, which stood at ₹20,298 crore against the projected ₹19,884 crore, non-tax revenue at ₹23,819 crore (₹22,808 crore) and the State’s share of Central taxes at ₹16,536 crore (₹14,528 crore).
One of the major factors that resulted in lower revenues is the revenue in the form of grants in aid and contributions. While the budget estimates projected revenue of ₹41,259 crore under the head, the actual receipts were just ₹9,729 crore.
Revenue through sales tax was on the downside at ₹29,989 crore against the budget estimate of ₹39,500 crore. The growth in revenue through Stamps and Registrations was also not up to the mark. Revenue through Stamps and Registration was projected at ₹18,500 crore for the fiscal, but the actual achievement stood at ₹14,295 crore by March-end.
On the expenditure side, interest payments had exceeded the estimates by reaching ₹23,337 crore as against ₹22,407 crore projected for the fiscal, while expenditure on account of salaries or wages is higher at ₹38,911 crore (₹38,627 crore budget estimates).
Expenditure on account of pensions was much higher at ₹16,841 crore, more than ₹2,000 crore higher than ₹13,024 crore projected in the budget estimates. The State has achieved a revenue surplus of ₹1,636.8 crore although it was much lower compared to ₹4,881 crore revenue surplus projected for the year.
