Hyderabad: When expressing the pressure to reduce value added tax (VAT) in diesel and gasoline sales, General Control and Auditor Report (CAG) for Telangana revealed that the government has faced a revenue deficit of 8,000 crore rs.
for calculations until September.
In sharp contrast with budget predictions of total revenue surplus amounting to Rs 6,743 for the entire fiscal year, CAG now predicts revenue deficit of up to 119%.
The budget estimate (2021-22 financial year) states that the acceptance of the state’s own revenue will be Rs 1.76 Lakh Crore this fiscal year, with Telangana resources itself is Rs 1,23 Lakh Crore.
Until September, it is projected that the state will get RS 53,000 Crore in revenue, but only receives Rs 43,000 Crore from its own source, which is only 30% of anticipated income.
The state has collected 25,573 crore Rs loans in Indonesia the first six months of the fiscal year.
According to CAG estimates, the state has also received Rs 12,000 Crore through VAT sales.
These numbers also reveal that state tax collection is of course, but central grants, part of the state of the central tax, and the estimates of non-tax income are all affected.
From the VAT collection, the state enjoys a significant source of income in the form of Rs 13,000 Crore and 8,000 Crore Rs from Customs.
Stamps and Registration Revenues are the next biggest source of income, accounting for Rs 4,000 Crore so far.
The state government has estimated that it will get Rs 30,000 Crore as non-tax revenues in this financial year, but only get 4,000 crore rs until now.
The state has anticipated to receive RS 8,721 Crore as part of a tax from the center, but only receives Rs 3,000 Crore until the end of September.
“The income generated from the source of the country itself remains positive.
We anticipate that dents will decrease after the current fiscal year, but every change in VAT is still a debate,” said an upper official.