Karnataka asks Centre to extend GST compensation period
Bengaluru, Mar 4: Chief Minister of Karnataka Basavaraj Bommai on Friday said the estimated revenue deficit of Rs 14,699 crore in 2022-23 can be minimised if the Centre agrees to the request of the State to extend the GST (goods and services tax) compensation for the next three years in view of losses incurred due to the impact of COVID-19.
After presenting the Rs 2,65,720-crore budget of the State for 2022-23, he told reporters that it was revenue surplus but due to COVID-19 it has become revenue-deficit. In view of the increased expenditure commitments with the available resources, a revenue deficit of Rs 14,699 crore is estimated in 2022-23 compared to Rs 15,134 crore in 2021-22, said the Chief Minister.
He said the government did not take the GST component into account this year.
Bommai said the State used to get a GST compensation of Rs 11,000 crore to 14,000 crore, which would stop from this year. The State would get a compensation of Rs 4,000 crore to Rs 5,000 crore till June but due to the constitutional amendment, payment of compensation, which was only for five years since 2017, would be stopped, he said.
"We have appealed to the Centre to continue it further for at least three years keeping into account the COVID-19 year. The Centre has time till June. If Centre agrees, we can minimise our revenue deficit," said the Chief Minister.
According to Bommai, the union government had permitted borrowing up to four per cent of GSDP for 2021-22. The State had budgeted a borrowing of Rs.67,100 crore in 2021-22.
However, the revenue increased and was expected to reach the budgetary targets."So, we have reduced the borrowing to Rs.63,100 crore for 2021-22 in the revised estimates," he said.
"We have budgeted total borrowings of Rs.72,000 crore for 2022-23," he said.
Bommai was confident of the State achieving the targeted excise revenue, GST revenue, non-tax revenue and stamp duty revenue for the current fiscal. However, meeting the estimated revenue from motor vehicles would not be possible as the vehicle production has come down, he added.
Speaking about infrastructure, he said the State would build infrastructure for waterways. "Besides ports, railways, airports and roads, we are for the first time focusing on waterways," he said.
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Swearing-in ceremony of new Assam govt to be held on May 12
Guwahati (PTI): The swearing-in ceremony of the newly elected BJP-led NDA government in Assam will be held on May 12, Chief Secretary Ravi Kota said.
Prime Minister Narendra Modi, several union ministers, chief ministers and deputy CMs of BJP-ruled states, and representatives from industries are expected to attend the function.
The oath-taking ceremony is scheduled to be held at the Veterinary Field, Khanapara, he said.
“Chaired a comprehensive review meeting with the DGP, Assam today to assess preparedness for the forthcoming visit of the Hon’ble Prime Minister to attend the swearing-in ceremony of the newly elected Council of Ministers”, Kota posted on X on Wednesday night.
Arrangements related to security, traffic management, venue readiness, protocol, and inter-departmental coordination were discussed in detail, he said.
''Emphasised the need for seamless execution, strict adherence to established protocols, and close coordination among all stakeholders," Kota said.
All departments concerned have been directed to maintain the highest level of preparedness to ensure the ceremony is conducted smoothly, securely, and in a manner befitting the significance of the occasion, he said.
Chief Minister Himanta Biswa Sarma tendered his resignation to Governor Lakshman Prasad Acharya, who asked him to continue as the head of the caretaker government.
Union minister J P Nadda and Naib Singh Saini have been appointed as the observer and co-observer, respectively, for the election of the BJP Legislature party leader, which is likely to be held on May 10.
The ruling NDA returned to power for the third successive term, securing 102 of the 126 assembly seats in the state with the BJP winning 82 constituencies and its allies - the Bodoland People's Front (BPF) and the Asom Gana Parishad (AGP) - bagging 10 each.
