BELAGAVI: Despite deficit rainfall, the State’s Own Tax Revenue (SOTR) has shown a reasonable achievement during the first six months of 2016-17. This was revealed in the state finances report. Four major revenue sources include Commercial Taxes, Excise, Motor Vehicle and Stamps and Registration.
The report, which was tabled in the Assembly on Tuesday, said resource mobilization of SOTR stood at Rs 39,762 crore.
Commercial tax collections grew by 13.3 per cent, while excise tax grew by 8.2 per cent at Rs 8,063 crore. Collections from Motor Vehicles Taxes and the Stamps and Registration also witnessed a growth with collections of Rs 2,584 crore and Rs 3743 crore respectively. Non-tax revenues stood at Rs 3,182 crore
The Total Outstanding Liabilities (TOL) to Gross State Domestic Product of the financial year 2015-16 was 24.91 per cent as against the KFRA ceiling limit of 25 per cent for the year. TOL is expected to increase from Rs 1,83,320 crore to Rs 2,08,557 crore in 2016-17.
The GSDP of the state is projected to increase from Rs 7,35,975 crore to Rs 11,17,334 crore.