Kerala receives Rs7,240 cr as tax share during H1
BBN Bureau
NEW DELHI/October 31-2022: As the first half (H1) of the current financial year 2022-23 (FY23) came to a close on September 30, 2022, India’s total receipts stood at Rs12,03,748 crore or 12.04 trillion, which is 52.7 per cent of the FY23 budget estimates.
More than 36 per cent of the total receipts – at Rs4,36,682 crore was spent on paying interest on the country’s debt during the first half.
Total Expenditure incurred by the Government of India during this period is Rs18,23,597 crore or Rs18.24 trillion forming 46.2 per cent of the expenditure projected in the FY23 budget for the said period.
The total receipts comprise Rs10,11,961 crore Tax Revenue (net to Centre), Rs1,57,600 crore of Non-Tax Revenue and Rs34,187 crore of Non-Debt Capital Receipts, which consists of Recovery of Loans of Rs9,597 crore and Miscellaneous Capital Receipts of Rs24,590 crore.
Out of the total expenditure of Rs18.24 trillion incurred during the first half (H1), Rs14,80,708 crore was towards Revenue Account and Rs3,42,889 crore was on Capital Account.
ON the revenue expenditure, Rs4,36,682 crore was on account of Interest Payments and Rs1,98,879 crore was on account of Major Subsidies.
An amount of Rs3,76,106 crore (Rs3.76 trillion) has been transferred to State Governments as Devolution of Share of Taxes by Government of India up to this period, which is Rs1,15,960 crore higher than the previous year.
Kerala’s share
Kerala with 1.925 per cent of its share fixed by the 15th Finance Commission, must have received Rs7,240 crore as its share from the Government of India tax devolution.
