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Karnataka’s total receipts in the first half (H1) of this fiscal 2014-15, stood at ₹54,192 crore, including the State’s own tax revenue (SOTR) of ₹35,671 crore. The State’s own non-tax revenue (SONTR) stood at ₹2,213 crore.
In the ‘Mid-year review of State finance 2015-16’ tabled in the State Assembly on Friday, the total outstanding liabilities to the GSDP was expected to increase from ₹1,16,747 crore in 2014-15 to ₹1,80,815 crore in 2015-16. The total liabilities to GSDP ratio remains within 25 per cent.
Revenue surplus On the revenue front, the State has been maintaining revenue surplus of ₹4,381 crore as against the budget estimate of ₹911 crore, reflecting a comfortable mid-year revenue position for the State. The revenue surplus would be maintained at the end of 2015-16, the mid-year review report said.
Borrowings The report said an off-budget borrowing of ₹2,250 crore has been allowed for the special purpose vehicle (SPV) of water resource department agencies such as Krishna Bhagya Jal Nigam Ltd (KBJNL), Karnataka Neeravari Nigam Ltd (KNNL), and Cauvery Neeravai Nigam Ltd (CNNL). The State finance department has allowed the Karnataka Police Housing Corporation also to borrow ₹250 crore.
As for the state own tax revenue, it has shown reasonable achievement during the first-six months of this fiscal (2015-16). About 47 per cent of the budget estimate of SOTR has already been achieved in six months compared to that achieved in 2014-15.
Commercial tax Commercial taxes in the six months of this fiscal witnessed a growth of 8.9 per cent over the collections during the same period last fiscal.
The collections as percentage of budget estimate during H1 of the current fiscal is marginally lower at 47 per cent primarily on account of falling petrol and diesel prices.
Excise As against the budget estimate of ₹15,200 crore, collections in the first six months of 2015-16 is 49 per cent (₹7,452 crore) with a growth rate of 11.2 per cent over the same period last year.
On projecting the collections of the State excise based on the receipts during the first-two quarters of the year, it is expected that the budget estimates would be achieved.
Motor vehicle tax Motor Vehicle Tax in the first half of 2015-16, grew at 2.7 per cent over that of the same period last year.
The collections up to September 2015 of ₹2,169 crore is 45 per cent of the budget estimate of ₹4,800 crore. It is expected that the budget estimates will be fully met.
Stamps and registration tax This component (Stamps and Registration Tax) of SOTR has performed as per expectations during the first half of this fiscal (2015-16), achieving only 46 per cent of the budget estimates and growing at 13.8 per cent over that of corresponding period last fiscal.
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