HYDERABAD: The State government’s borrowings exceeded its revenues in the first quarter of this financial year (2020-21). Of the total receipts of Rs 32,392.48 crore till June, the State’s debt is 54.58 per cent while its revenue is 45.41 per cent.
According to the latest Comptroller and Auditor General (CAG) figures, the revenue deficit till June is Rs 14,212.99 crore against the projected revenue surplus of Rs 4,482.12 crore for 2020-21 — a minus 317.10 per cent of the budget estimates.
However, the State government’s revenues improved considerably in June as the unlock started in the last week of May. According to the CAG, the total revenue receipts up to June are Rs 14,710.20 crore and the capital receipts are Rs 17,682.28 crore. Thus, the total receipts are Rs 32,392.48 crore.
The revenue receipts estimated for 2020-21 are Rs 1,43,151.94 crore. However, in the first quarter, the government realised only 10.28 per cent of the estimates due to the Covid-19 induced lockdown.
Of the total revenue receipts, the share of Goods and Services Tax (GST) is Rs 3,956.59 crore, stamps and registration is Rs 655.41 crore and the State’s excise duties are Rs 2,531.32 crore.
As against the estimate of Rs 33,191.26 crore for the year 2020-21, borrowings and other liabilities stood at Rs 17,670.45 crore till June — a 53.24 per cent of the budget estimates in the first quarter itself.
However, sources in the government said GST collections further improved in July and the State would not get any Goods and Services Tax compensation from the Central government for July.
“In fact, the State stood number one in the country in Goods and Services Tax collections in July. The State is performing well again after the lockdown,” an official told Express.