Bengaluru: Maintaining that the State has exceeded tax collection target by Rs. 9,500 crore in the financial year 2021-22, Chief Minister Basavaraj Bommai, who also holds the Finance portfolio, said that more efforts will be made to bring fiscal discipline back on tracks.
Replying to a debate on annual grant demands of various departments in the Legislature session recently, Bommai said that the revenue target (2021-22) was fixed at Rs.1,19,552 crore. But at the end of the financial year, the revenue collection stood at Rs.9,500 crore more than the set target despite the COVID pandemic, he said adding that the measures taken to plug loopholes and overcome shortcomings in the tax system was responsible for this.
Pointing out that an additional revenue of Rs.2,000 crore was collected by the Excise Department, the CM said that more than Rs.6,000 crore revenue was generated under non-taxation heads and due to reduction in 10 percent stamp duty.
Asserting that the State Government is working overtime to ensure augmentation of its own sources of income, independent of the Centre’s GST compensation, Bommai said that more measures are in the pipeline for bringing a more stricter fiscal discipline.
This post was published on April 4, 2022 6:38 pm