State expects Rs 9,500 cr additional revenue in 2022-23: CM Bommai

NT Correspondent

Karnataka’s tax collection has exceeded the target except in the case of Motor Vehicle Tax and the state is expecting an additional collection of Rs 9,500 crore in the next fiscal, said Chief Minister Basavaraj Bommai.

Speaking on the supplementary budget and finance bill in the Assembly on Tuesday, he said the government had given preference to fiscal discipline and efficiency in tax collection. This has helped in the record collection of taxes in all departments e x c e p t M o - tor Vehicle Tax.

Seeing the situation six months ago, officials had anticipated the budget size to shrink but they were told that it would hamper growth and asked to focus on tax coll e c t i o n . The 10 p e r cent concession given in guidance value in stamp duty resulted in an additional collection of Rs 100 crore.

In 2022-23, the state has set a target of Rs 10,000 crore for non-tax revenue. The impetus is on cutting wasteful expenditure and focusing on better financial management. Though, the government has a provision to raise Rs 67,000 crore in loans, they have borrowed only Rs 62,000 crore, he added.