THIRUVANANTHAPURAM: The state’s total borrowings in April was Rs 5,930 crore and the financial position would worsen if the Centre does not sanction the pending GST compensation, Finance Minister Thomas Issac has said.
The minister said the GST revenue in April was Rs 161 crore when compared to the Rs 1,766 crore in the corresponding period last year.
“This was the tax collected for the sales in March. Lockdown was in place for just one week in that month. Hence, the revenue in May, that is the taxes for sales in April which witnessed total lockdown is imaginable,” he said in a Facebook post.
March witnessed a drop of 92 per cent in expected revenue. Even during the 2018 floods, the drop in taxes was just Rs 200 crore, he said.
The revenue from land registration in April was Rs 12 crore compared to the Rs 255 crore in the previous year.
Similarly, the motor vehicle tax was Rs 4 crore compared to the Rs 300 crore in the previous year, the minister added. Proceeds from the sale of petrol and diesel was also just Rs 26 crore, compared to Rs 600 crore in the previous year.