The 2020-21 fiscal sawKarnatakataking a huge hit on its financial Resources. As per the 2020-21 finance and appropriation accounts report published by the comptroller and auditor general (CAG), the government recorded a drop of Rs 14,535 crore in tax revenue collection.
The total debt of the state went up from Rs 3.19 lakh crore to Rs 3.97 lakh crore, thereby increasing the debt by Rs 78,000 crore. The biggest losses were incurred in the SGST, state excise duty, sales tax, stamps and registration and vehicle taxes. However, the non-tax revenue had increased marginally from Rs 7,681 crore to Rs 7,894 crore.