The next year’s total receipts and expenditure are estimated at Rs 33,853 crore each. The total revenue receipts are estimated at Rs 29,948 crore based on the anticipated scheme of financing of the plan.
These figures may undergo some variation when our plan outlay and its Scheme of Financing are finalized by the Planning Commission. The share of central taxes is indicated at the level of Rs 4,245 crore, as against the RE figure of Rs 3,691 crore in the current financial year.
The total non-plan grants from the centre have been placed at Rs 4,496 crore, against the RE figure of Rs 4,858 crore in the current financial year, inclusive of the non-plan revenue gap grant under the Award of the Thirteenth Finance Commission.
State’s own Tax Revenue
Tax revenue, which is likely to touch Rs 4,800 crore in the current financial year, is expected to further grow to Rs 5,419 crore in the next financial year. This would mean a targeted growth of over 29.5 percent in comparison to the current year’s Budget Estimates of Rs 4,183 crore.
The VAT and GST collections by the Commercial Taxes Department have been targeted at Rs 3,940 crore as against the current financial year’s BE target of Rs 3,025 crore, aiming at BE on BE increase of Rs 915 crore, working out to a growth rate of about 30 percent.
Other Tax Collections:
Taxes on Goods & Passengers are estimated to rise to Rs 461 crore, as against the current financial year’s Budget Estimates of Rs 382 crore. Collection of Excise Duties has been projected at Rs 404 crore, as against the current year’s Budget Estimates of Rs 333 crore. Collections on account of Stamp Duty & Registration Fee have been projected at Rs 152 crore. The target for Electricity Duty has been kept at Rs 306 crore, corresponding to the revenue target of Rs 1,732 crore given to the Power Development Department.
Non-Tax Revenue: The total non-tax revenue targets are Rs 2,118 crore. A revenue target of Rs 1,732 crore is proposed to be assigned to the Power Development Department, against their revised target of Rs 1,486 crore in the current financial year. Other major targets of non-tax revenue are Forestry & Wildlife Rs 65 crore, Mines and Minerals Rs 45 crore, Water Supply & Sanitation Rs 37 crore and expected Dividend, mainly from the J&K Bank, Rs 70 crore.
The total expenditure is tentatively classified between Rs 24,990 crore, as revenue expenditure and Rs 8,863 crore as capital expenditure. The capital expenditure comprises Rs 7,028 crore on account of the plan and Rs 1,835 crore on account of non-plan. Out of the total revenue expenditure, Rs 23,548 crore is classified as non-plan revenue expenditure, while as Rs 1,442 crore is expected to be incurred as plan revenue expenditure.
Salaries & Pensions: Out of the total revenue expenditure, salaries of the government employees account for the biggest chunk, estimated to reach Rs 13,115 crore, inclusive of the provision of Rs 700 crore for fresh DA installments, a plan salary component of Rs 369 crore and grants-in-aid of Rs 658 crore.
The expenditure on pensions including other retirement benefits, is estimated at Rs 3,025 crore. The total expenditure on salaries & pensions will, therefore, rise to Rs 16,140 crore during the next financial year.
A provision of Rs 3,100 crore is proposed in the next year’s Budget Estimates for the purchase of energy, as against the current year’s RE figure of Rs 3,000 crore.
The expenditure on account of interest payment against loans has been estimated at Rs 2,663 crore in comparison to the RE figure of Rs 2,538 crore in the current financial year.
Grants-in-aid to the Local Bodies, Autonomous Organizations and other institutions account for Rs 658 crore. The Maintenance and Repairs of assets is expected to involve an expenditure of Rs 289 crore. A sum of Rs 116 crore has been proposed on account of honorarium to SPOs and VDCs.