HYDERABAD: The total public debt of the State crossed Rs 3 lakh crore for the first time in the Budget estimates 2022-23. According to the Budget estimates, the total debt will be Rs 3,29,988 crore, which is 25 per cent of the State’s GSDP.
The per capita debt comes at Rs 94,282. In 2021-22, the total debt of the State stood at Rs 2,85,120 crore. However, the State’s tax collections are good. For the first time, the tax collection is slated to cross Rs 1 lakh crore in 2022-23 financial year.
“Expecting that the growth momentum will pick up further, own tax revenue in 2022-23 is budgeted at Rs 1,08,212 crore as compared with the Revised Estimates of Rs 92,910 crore in 2021-22. This is based on the fact that there was an increase in the buoyancy of tax revenue from GST and Stamps and Registration.
With the rationalisation of market values and stamp duties, which were last revised in 2013, there has been a significant improvement in revenue collections from Stamps and Registrations. An Economic Intelligence Unit was established in the Commercial Taxes Department which has resulted in curbing evasion of taxes and improving the tax base,” a statement said.The per capita income of the State is Rs 2,78,833, according to the advanced estimates of 2021-22.
Budget Session to March 15
The Budget Session of the State Legislature will be held till March 15. The Business Advisory Committee (BAC), which met on Monday, took a decision to this effect. There was no sitting for the Assembly on Tuesday and no sitting for the Council on Tuesday and Wednesday. Finance Minister T Harish Rao said that though the number of working days is less, the working hours would be more. He recalled that in the combined AP, the House was adjourned every day at 1.30 pm