Performance
Goa

Report No.2 of 2018 - State Finances Government of Goa

Date on which Report Tabled:
Fri 03 Aug, 2018
Date of sending the report to Government
Government Type
State
Sector Finance

Overview

The Audit Report on State Finances highlighted that the growth rate of GSDP was 18.92 per cent against the Fourteenth Finance Commission (FC XIV) projection of 14.52 per cent during the year. The State Government had achieved the target of reduction of revenue deficit to zero in 2014-15 as projected in Goa Fiscal Responsibility and Budget Management GFRBM (first amendment), Act 2014. Revenue surplus in 2016-17 stood at ` 699 crore and was higher than the previous year’s surplus by ` 567 crore. This was due to higher growth rate (11.84 per cent) of the revenue receipts as compared to revenue expenditure (5.30 per cent) over the previous year. Revenue receipts (` 9,565 crore) increased by ` 1,013 crore recording an increase of 11.84 per cent over the previous year. Though State’s own taxes increased by ` 286 crore, its growth rate (7.19 per cent) was less than the norm of 8.26 per cent prescribed by the FC XIV. The share of State’s own taxes comprising tax and non-tax revenue to revenue receipts was 73 per cent and the tax devolution from GOI including grants-in-aid contributed 27 per cent. Revenue expenditure increased continuously from ` 6,061 crore in 2012-13 to ` 8,866 crore in 2016-17. The year-wise growth of revenue expenditure fluctuated between 8.92 per cent and
 13.63 per cent during the period 2012-13 to 2015-16. In 2016-17, the growth rate of revenue expenditure further reduced to 5.30 per cent. The share of capital expenditure to total expenditure remained constant at 13 per cent during the period 2012-14, but it increased to 16 per cent during the past two years. The overall development expenditure to total expenditure decreased from 71.75 per cent in 2015-16 to 70.69 per cent in 2016-17. During 2013-14 and 2016-17, the State’s share of expenditure on health and family welfare to aggregate expenditure were better than General Category States, but the State’s share in respect of education and capital expenditure to aggregate expenditure was lower as compared to General Category States.

During 2016-17, expenditure of ` 12,848.37 crore was incurred against total grants and appropriations of ` 15,899.60 crore, resulting in saving of ` 3,051.23 crore. This includes an excess of ` 1,683.20 crore in two grants and one appropriation. Excess expenditure of
 ` 1,683.20 crore requires regularisation under Article 205 of the Constitution of India.

Also, during 2016-17, expenditure aggregating ` 3,328.20 crore constituting 31.67 per cent of the total expenditure was classified under Minor Head ‘800-other expenditure’. Similarly, revenue receipts aggregating ` 418.45 crore constituting 3.73 per cent of total receipts were classified under Minor Head ‘800 – Other Receipts’. Accounting of various important items of expenditure and revenue receipts under omnibus Minor Head - 800 resulted in non-exhibition of diverse activities of the Government under available Minor Heads.

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