Tax collection shows state's fiscal condition is strong: CM's adviser

STATING that the fiscal condition of the state is strong, Chief Minister's Economic Adviser Basavaraj Rayareddy said, it is evident from the tax collection in the first quarter of the current fiscal that the state is financially stable and has adequate funds to finance its policies and programmes, including the five guarantees.

- EXPRESS NEWS SERVICE @ Hubballi

Addressing a press conference here on Monday, Rayareddy stated that the state's tax collection for the April-June quarter stood at Rs 43,935 crore, which is 21.6 per cent of the annual target of Rs 2.03 lakh crore. The collection of commercial tax, excise, motor vehicle tax, and stamp and registration fees was hovering around 20 per cent. Tax collection is expected to improve in the next two quarters, as they coincide with the festival season.