Presenting the Union Territories Finances Audit Report for the year ending March 31, 2022 in Parliament, the Comptroller and Auditor General (CAG) said the revenue receipts of Jammu and Kashmir in 2021-22 increased by 13 per cent as compared to the previous year but it still fell short of the budget estimates by 39 per cent.
Besides, there are outstanding borrowings amounting to `2,122.77 crore of Jammu and Kashmir Infrastructure Development Finance Corporation (JKIDFC) and `10,321.83 crore of J&K Power Corporation Limited.
“During 2021-22, revenue receipts increased by 13 per cent with respect to last year, but it fell short of budget estimates by 39 per cent. The UT’s own tax revenue increased by 32 per cent and non-tax revenue increased by 19 per cent with respect to previous year,” the CAG stated.
It said there was an increase in revenue receipts by `6,742 crore and increase in revenue expenditure by `6,635 crore with respect to previous year which resulted in reduction of revenue deficit to `31 crore from `138 crore the year before. “The increase in capital expenditure by `589 crore was major contributor in increase of fiscal deficit.