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| Centre finds faults in tax, non- tax revenue budget estimates | | Unrealistic Forecasting of Resources | | Early Times Report
Jammu, Oct 5: The Central Government after scrutiny of the submitted figures of budgets framed by the former regimes in Jammu and Kashmir from the financial year 2013 to 2018 has termed it as “unrealistic forecasting.”
Documents in possession of Early Times reveal that it was noticed that the revised estimates for 2017-18 for Own Tax Revenue projection was Rs 10,136 crore, while actual realization was Rs 9,536 crore, resulting in downward variation of Rs 600 crore, six per cent below the original forecast. Similarly, Non-tax Revenue for the year 2017-18 was projected at Rs 5,389 crore, while actual realization was Rs 4,362 crore, resulting in less realization of Rs 1,027 crore, corresponding to 19 per cent decrease against the original projection.
It was informed further that the actual realization of State Own Tax Revenue was less than the estimates of collection and varied between 5.92 per cent to 8.29 per cent during the year 2013-14 to 2017-18, whereas in the case of State’s Own Non-Tax Revenue the variation ranged between 15.59 per cent to 37.29 per cent during the year, 2013-14 to 2014-15. In 2015-16 the actual realization of State’s Own Non Tax Revenue was 13.26 per cent more than the estimates and during the year 2016-17 and 2017-18, the State’s Own Non-Tax Revenue realization was 22.05 per cent and 19.06 per cent less than the estimates. The State fell short of its revised estimates for Non Tax Revenue mainly due to short realization under power receipts.
Pertinent to mention that that in the past the Jammu and Kashmir State Budget Manual stipulates that the Budget of the State is based on the departmental estimates submitted by the Controlling Officers.
Records reveal that in financial year of 2013-14, there was a difference of whooping Rs 547 crore between the revised estimates of revenue and actual realisation of the same, summing up the difference as 8.02 percent. In the non tax revenue, the difference was 15.59 percent.
In the financial year of 2014-15, the difference between revised estimates and actual realisation in tax revenue was 1.62 percent while as the difference in non- tax revenue was 37.29 percent.
In the financial year of 2015-16, the difference between revised estimates and actual realisation in tax revenue was 8.29 percent while as the difference in non- tax revenue was -13.26 percent.
In the financial year of 2016-17, the difference between revised estimates and actual realisation in tax revenue was 7.38 percent while as the difference in non- tax revenue was 22.05 percent. In the financial year of 2017-18, the difference between revised estimates and actual realisation in tax revenue was 5.92 percent while as the difference in non- tax revenue was 19.06 percent. |
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