State’s tax revenue is estimated at Rs 180954 crore in 2021-22 against Rs 148647 crore of which own tax revenue (OTR) will be Rs 123825 crore against Rs 84454 crore. SGST will be Rs 57868 crore against Rs 40039 crore. The non tax revenue is estimated at Rs 31685 crore in 2021-22 against Rs 43676 crore.
Non-tax revenue includes interest receipts and other non-tax revenue consisting of fines, royalties, service charges, dividends & profits. A considerable increase of 75.9 per cent is expected in non-tax revenue in 2021-22 (BE) over the previous year. The Grant-in-aid from GoI comprises centrally sponsored schemes grants, finance commission recommended grants, grants as per constitutional provision and other grants.
Tax revenue, non-tax revenue and grants-in-aid from GoI are the three components of revenue receipts with respective estimated share of 77.4 per cent, 7.2 per cent and 15.4 per cent in 2021-22 (BE). Revenue receipts as per cent of GSDP is expected to be 11.5 per cent in 2021-22 (BE). Expected revenue for the State through its own resources is Rs 2,70,140 crore (73.2 per cent of Total Revenue receipts). Grants-in-aid and share in taxes from GoI are expected to be Rs 98,847 crore.
Tax revenue is expected to increase by 30.8 per cent over the previous year in 2021-22 (BE) with a major contribution of Own Tax Revenue (OTR) (85.3 per cent). The major contributor in OTR is expected to be State Goods & Services Tax (SGST) with 48.4 per cent share followed by Sales Tax with 18.1 per cent share in 2021-22 (BE). Revenue from OTR and SGST is expected to increase by 32.0 per cent and 33.9 per cent over the previous year respectively.
Apart from OTR, share in central taxes is another component of tax revenue which primarily includes Central Goods & Services Tax (CGST), Corporation Tax and it is expected to increase by 24.6 per cent over the previous year in 2021-22 (BE). In central taxes devolved by GoI to the State, the share of CGST is expected to be 32.3 per cent and Corporation Tax to be 29.1 per cent in 2021-22 (BE).
As per the provisions of GST Compensation Act, states are expected to receive compensation from the central government for loss of revenue. Accordingly, as on 31st December, 2021, a total compensation of Rs31,625 crore is expected for the State, of which Rs 17,402 crore pertains to the year 2021-22.
During 2021-22 up to November, total actual revenue receipts were 49.0 per cent of budget estimates and tax revenue was 52.3 percent of budget estimates. Revenue received from SGST by the end of November, 2021 was Rs 57,868 crore (49.1 percent of budget estimates). Non-tax revenue (excluding central grants) was 35.2 percent of budget estimates.
As per the Budgetary estimates for the year 2021-22, total receipts are anticipated to be Rs 4,37,988 crore while total expenditure is expected to be Rs 4,37,961 crore leading to the budgetary surplus.
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