Despite recession, state’s economy in the pink

Bhartesh Singh Thakur

Tribune News Service

Chandigarh, November 11

In spite of recession, Haryana’s economy is in the pink of health with revenue receipts 4.54 per cent higher than last year during the first six months of this fiscal.

The slowdown has impacted sales tax and non-tax revenue, which includes collections from mining, transport, External Development Charges (EDC), but receipts from Goods and Services Tax (GST) and Stamps and Registration collections have been higher.

The budget estimates for revenue receipts for 2019-20 was fixed at Rs82,219.41 crore. Out of that, close to 40 per cent has been achieved in the first six months. From April to September, total revenue receipts have been Rs32,694.28 crore as compared with Rs31,273.27 crore for the corresponding period last year — a jump of 4.54 per cent.

“The state is doing well. Revenue from GST and Stamps and Registration has increased,” said Additional Chief Secretary (Finance) TVSN Prasad.

Of the revenue receipts, the GST collection, in the first six months, has been Rs9,257.45 crore while it was Rs9,130.97 crore for the corresponding period last year. There is a rise of 1.39 per cent.

The collections from Stamps and Registration this fiscal year till September has been Rs3,146.84 crore, while it was Rs2,668.95 crore last year. There is a jump of 17.91 per cent.

“It has risen as in most of the districts, market rate and collector rates have been brought on a par,” Prasad said.The excise duty collection has been Rs3,626.01 crore this year, while it was Rs3,410.40 crore during the corresponding period last year. There is a rise of 6.3 per cent.

Besides, the state has already received Rs3,373.59 crore as part of its share in union taxes. The sales tax, which includes earnings from sale of petrol and diesel besides few other items, till September has been Rs4,256.58 crore while it was Rs4,823.10 crore for the corresponding period last year. There is a dip of 11.75 per cent.

There is a dip of 14.84 per cent in non-tax revenue, which includes collections from mining, transport and external development charges (EDC). This year, the collections have been Rs2,937.59 crore, while it was Rs3,449.57 crore during the corresponding period last year.

The state has already received Rs5,228.21 crore under recovery of loans and advances disbursed under the UDAY scheme (given for restructuring of power companies), which falls under capital receipts.

After including all revenue receipts and capital receipts, the state’s total receipts in the first six months of 2019-20 have been Rs49,027.60 crore. It was Rs38,799.44 crore in the corresponding period last year —a rise of 26.36 per cent.