Srinagar, Mar 22: Jammu & Kashmir has estimated to generate revenue of Rs 24,485 crore during the next financial year.
Documents in possession of news agency—Kashmir News Observer (KNO) reveal that tax revenue of J&K is projected at Rs 16, 276 crore in 2021-22, while non-tax revenue is estimated to be 8209 crore during the fiscal. “The committee sought to know about the quantum of revenue generated by UT of J&K by their own resources. The administration of the UT of Jammu & Kashmir replied that out of a total budgetary outlay of Rs. 1,08,621 crore (2021-22), tax revenue of J&K is projected as Rs. 16,276 crore and own non-tax revenue as Rs. 8,209 crore, totaling Rs. 24,485 crore for the year 2021-22,” reads the report of department-related parliamentary standing committee on Home Affairs.
According to the report, the revised revenue estimates of the UT for ongoing fiscal is Rs 17030 crore.
“…….out of total budgetary outlay of Rs 92,341 crore under RE 2020-21, own tax revenue is projected as Rs. 10837 crore and non-tax revenue as Rs. 6,193 crore, totaling to Rs. 17,030 crore,” the report further states.
The report was tabled in both Houses of the Parliament on March 15.
It is worthwhile to mention that J&K UT’s budget was unveiled in the Parliament on March 17 by Union Finance Minister Nirmala Sitharaman.
Of Rs 1,08,621 crore budget, Rs 39,817 crore are earmarked for capital expenditure and Rs 68,804 crore for revenue expenditure—(KNO)