State public debt exceeds Rs 3 lakh crore – The New Indian Express

By Express press service

HYDERABAD: The state’s total public debt crossed Rs 3 lakh crore for the first time in the 2022-23 budget estimates. According to budget estimates, the total debt will be Rs 3,29,988 crore or 25% of the state GSDP.

The per capita debt stands at Rs 94,282. In 2021-22, the total government debt stood at Rs 2,85,120 crore. However, state tax revenues are good. For the first time, tax collection is expected to exceed Rs 1 lakh crore in the financial year 2022-23.

“Expecting an acceleration in growth, clean tax revenue in 2022-23 is budgeted at Rs 1,08,212 crore compared to revised estimates of Rs 92,910 crore in 2021-22. This is based on the fact that there has been an increase in momentum in tax revenue from GST and stamps and registration.

With the rationalization of market values ​​and stamp duties, which were last revised in 2013, there has been a significant improvement in revenue from stamps and registrations. A Business Intelligence Unit has been established within the Trade Tax Department, which has reduced tax evasion and improved the tax base,” a statement read. The per capita income of the state is Rs 2,78,833 as advanced estimates of 2021. -22.

Budget session on March 15

The budget session of the state legislature will be held until March 15. The Business Advisory Committee (BAC), which met on Monday, made a decision to this effect. There was no meeting for the Assembly on Tuesday and no meeting for the Council on Tuesday and Wednesday. Finance Minister T Harish Rao said that although the number of working days would be lower, the working hours would be longer. He recalled that at the combined PA, the House adjourned every day at 1:30 p.m.

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