Bangalore: During the Legislative Assembly on Wednesday
February 26, Chief Minister Siddaramaiah while referring to the state budget, said that Karnataka may face a shortfall in tax revenue in the
present fiscal year.
He
also said that the revenue from State tax is expected to decline by Rs
931 crore and the share in the Central tax pool is also expected to see a
down fall.
Explaining the scenario, he said that the collection of motor vehicles tax will fall short by Rs 320 crore and there would also be a downward revision in the State’s share of Central taxes (by Rs 1,081 crore) and grants from the Centre (by Rs 1,523 crore).
Although he claimed that despite the deficit in tax revenue the State finance was under control. The slowdown in the economy has affected tax collections across the country, he pointed out.
He
also said that the revenue from State tax is expected to decline by Rs
931 crore and the share in the Central tax pool is also expected to see a
down fall.Explaining the scenario, he said that the collection of motor vehicles tax will fall short by Rs 320 crore and there would also be a downward revision in the State’s share of Central taxes (by Rs 1,081 crore) and grants from the Centre (by Rs 1,523 crore).
Although he claimed that despite the deficit in tax revenue the State finance was under control. The slowdown in the economy has affected tax collections across the country, he pointed out.
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