The Punjab government, which was not able to meet most of its targets from revenue receipts, has estimated a revenue deficit of 3.52 per cent and fiscal deficit of 4.98 per cent for the Budget 2023-24.
An analysis reveals that the government targeted an amount of Rs 95,378 crore from revenue receipts but was able to generate only Rs 93,563.21 crore. The Budget now proposes a target of revenue receipts to the tune of Rs 98,852.13 crore for the next fiscal.
GST collection too disappointed the government as it was able to collect Rs 19,000 crore against a target of Rs 20,550 crore, a shortfall of Rs 1,500 crore. The next fiscal target is Rs 23,000 crore. Finance Minister Harpal Cheema said that the collections would improve as the government would float a scheme to incentivise people to get a bill so that the GST was not evaded. However, it only expects Rs 4,000 crore enhancement than the 2022-23 fiscal. The only silver lining is that there is an increase compared to 2021-22 fiscal when the collections were Rs 15541.59 crore.
Punjab’s ambitious excise policy generated Rs 8,896.95 crore. However, it fell short of the target of Rs 9,647.87 crore. Next fiscal the target is Rs 9,785 crore. The receipts are better this year compared to last fiscal when it was Rs 6,157.28 crore.
Revenue from stamps and registration has proved to be encouraging at Rs 3,950.00 crore against a target of Rs 3,600 crore. Next year’s target is Rs 4,750.00 crore.
Electricity duty too has yielded better at Rs 2,900 crore against a target of Rs 2,550 crore. Next year target is Rs 2700 crore.
From sand mining, the state has been able to generate Rs 250 crore and has pegged the revenue at Rs 350 crore from mining in next fiscal. The amount will put the Aam Aadmi Party government on the defensive as Delhi Chief Minister Arvind Kejriwal had promised that Punjab had a potential of sand mining to the tune of Rs 20,000 crore. Cheema refused to give the figure of sand mining to the media. He said the only mission was to provide sand at cheaper rates to the public and the government was able to achieve this.
State’s own non tax revenue has generated Rs 6052.92 crore against a target of Rs 6302.21 crore. Last year it was lesser at Rs 4783.77 crore. The next year target is now Rs 7823.99 crore.
State’s share of central taxes has been better than the target. It has been able to get Rs 17163.65 crore against a target of Rs 14756.86 crore.
Collection of grants in aid from centre too has not been able to hit the target. The government had estimated Rs 28731.04 crore but has received only Rs 26206.78 cr which is Rs 2524 crore lesser.
However, there has been an increase compared to last fiscal when the collection was Rs 20735.08 crore.
Cheema said that Punjab has witnessed a growth in state’s own tax and non tax revenues. While an increase of 23 per cent has been recorded in state’s GST, 45 per cent in excise, 19 per cent in stamps and registration, 12 per cent in taxes on vehicles and 26 per cent in non tax revenue compared to last fiscal. He said it was due to “good intent” of the government.
The cess of 90 paise on petrol and diesel levied recently has paid off with the government getting Rs 150 crore more than the target. The government estimated a collection of Rs 6,250 crore while it has received Rs 6400 crore.
Punjab Roadways and urban development revenue has fallen short of target. Roadways has earned only Rs 90 crore against a target of Rs 335 crore. Similarly, urban development revenue has fallen short of Rs 69 crore as the government has collected Rs 200 crore.
Source: The Indian Express
