Bengaluru, Mar 5: Karnataka is facing unprecedented economic difficulties following a Rs 8,887 crore reduction in the state's share in central taxes, cut in allocation under 15th finance commission and a Rs 3,000 crore hit in GST compensation, Chief Minister B S Yediyurappa indicated on Thursday.
Presenting the state budget for 2020-21 in the Assembly, he said Karnataka's share in central taxes has come down by Rs 8,887 crore in 2019-20 as per the revised budget estimates of the central government. Therefore the state's revenue resources have been reduced. Apart from this, Rs 3,000 crore GST compensation will also be reduced as collection from the GST compensation cess is not as expected, the Chief Minister said. "With all this it has become difficult to reach to reach the 2019-20 budget targets and to manage this situation within the bounds of the Karnataka Fiscal Responsibility Act, an inevitable situation has arisen this year to cut down the expenditure of many departments," he added.
As per the interim report submitted by the 15th finance commission, there is a reduction in the state's share of central taxes to 3.64 per cent compared to 4.71 per cent fixed by the 14th finance commission. In view of this, there will be a reduction of Rs 11,215 crore in the state's share of central taxes in 2020-21 budget, when compared to the previous one.
He, however, noted that the allocation recommendation of the 15th finance commission is limited to one year only and the complete report for the period 2021-22 to 2025-26 will be submitted in October 2020.
"Our government will soon submit a revised memorandum to the commission to set right the loss caused to the state with regard allocation for the year 2020-21 and give more allocation for the remaining period," the Chief Minister said. He also said, when compared to the previous year, there is an increase of approximately Rs 10,000 crore for 2020-21 with regards to government employees salary, pension and interest on government loans, but there is no proportionate increase in resources as compared to committed expenditure. "Due to this reduction of the state's share of central taxes as per the 15th finance commission report and other developments, serious difficulties are being faced in resource mobilisation efforts of the state," Yediyurappa said. "This magnitude of economic difficulties was never faced in the previous years by our state," he added.
However, the state's own tax revenue collection is excellent during this year, he said. As compared to the previous year, there is a growth of 14 per cent in State GST collection. "Based on this, in the new budget, efforts are being made to manage the reduction in the share of central taxes by stabilising the state's own resources more", the Chief Minister said.
Karnataka recorded a gross state domestic product growth rate of 7.8 per cent in 2018-19 and Yediyurappa said for the current financial year it is estimated to be 6.8 per cent.
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she is following truth firt!
Mr Yogesh take burnol and run to africa... marriage will not suit for you people..
one day all hindu sister wil understand this... welcome to heaven and live peacefully.
Yogesh....
Please start looking for the CREATOR who created all that exists, (There are many man made gods where people are blindly following without true knowledge of the CREATOR who created all that exists) YOU will get the answer for your and many millions who wonder why more women are REVERTING and accepting to worship the ONE CREATOR which is also mentioned in Vedas NA TASYA PRATIMA ASTI.
STUDY, LEARN, RESEARCH about the ONE GOD in all religion. IF U are honest in finding UR and our CREATOR, SURELY the CREATOR will guide U to TRUTH and U will recognize the FALSE Gods and FAKE babas and CORRUPt politicians who are corrupting our SOULS by misleading US from the TRUTH... MAY the CREATOR guide those who look for him HONESTLY.
both families agreed.. bride and groom also agreed.... our constituency also agreeing this marriage......... Then who the hell are these bastard hindutva groups to stop this marriage and threatened the family...... go and feed your families.... and keep them happy.....
Because islam is the realy religion and true way of life.
Why he cant follow her religious customs.. in all cases non muslim girl who marries a muslim boy getting converted or forced to follow his tradition/custom/religious laws..
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