The Comptroller and Auditor General of India (CAG) report on ‘The State Finance Audit for the year 2018-19’ was tabled in the State legislature on Tuesday.
The report states that during the period the State was able to maintain revenue surplus of ₹679 crore. “The State continued to keep fiscal deficit to GSDP ratio (2.73%) and debt-GSDP ratio (20.26%) below the limits prescribed under the Karnataka Fiscal Responsibility Act. This indicates prudent fiscal management,” states a press release.
The release states that the growth rate of tax revenue decreased from 12.1% in 2014–15 to 11.13% in 2018–19. The revenue receipts included State Goods and Service Tax (SGST) of ₹41,956 crore and ₹10,754 crore towards compensation for loss of revenue arising out of implementation of GST. The Central tax transfers included Central Goods and Service Tax (CGST) of ₹8,859 crore and…