Despite lockdown and economic downturn amid Covid, the has been able to better manage its finances in the last financial year as compared to the previous fiscal.
The revised estimates of the governments finances for 2020-21 reveal that the state had managed to achieve 84.62 per cent of its revenue targets for the last fiscal. In 2019-20, before the pandemic, the state had managed to achieve just 75.48 per cent of its targeted revenue collection.
The accounts for 2020-21 show that the state had achieved 81.84 per cent of its estimated tax revenue collection (Rs 40,595.81 crore against target of Rs 49,845.61 crore) and 48.59 per cent of its targeted non-tax revenue (Rs 3,909.92 crore against a target of Rs 8,045.99 crore).
Comparatively, in the previous year, Punjab had achieved just 78.47 per cent of its targeted tax revenue and 47.91 per cent of its targeted non-tax revenue. It may be mentioned that in the past several years, the collection of non-tax revenue in the state has always been low, in spite of the issue being deliberated upon and this being a focus area for improving the states finances.