CAG Tells J&K Admin To Augment Its Own Tax Revenue
Date
8/11/2022 3:26:13 PM
(MENAFN- Kashmir Observer)
'UT government could not achieve its own targets in 2020-21'
Srinagar- The Comptroller and Auditor General of India has recommended that the Government of Jammu & Kashmir Union Territory should make efforts for augmentation of its own tax revenue.
In its audit report on the Union Territory Finances for the year ended 31 March 2021, the CAG has stated that the J&K UT's own tax revenue fell short by 32 percent of budget estimates of 2020-21.
“The collection under own tax revenue fell short by 32.96 per cent of Budget Estimates. The UT government could not achieve its own targets for own tax revenue,” reads the report.
The report was tabled in both Houses of the Parliament on August 8.
According to the report, the UT's own resources (own tax revenue and own non-tax Revenue) of Rs 12,953 crore during the year 2020-21 was not enough to cover its committed liabilities (salaries & wages, interest payments and pension) of Rs 39,302.27 crore for the year 2020-21.
The UT's performance in mobilisation of resources is assessed in terms of its own resources comprising own tax and non-tax sources.
The own tax revenues of the UT consist of Goods and Services Tax (GST), UT Excise, Taxes on Vehicles, Stamp Duty and Registration fees, Land revenue, Taxes on Goods and Passengers etc.
The non-tax revenue consists of interest receipts, dividends and profits, mining receipts, departmental receipts etc. (KNO)
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