By Accommodation Times Bureau
Perhaps, the impact of demonetization showing its effects in Maharashtra, as the collection of stamp duty and registration fees for 2016-17 fell short by Rs 2,536 crore. While the budget estimates and land revenue collections fell short by Rs 1,401 crore. Indicating that Revenue generation from state excise duties also fell short by Rs 3,056 crore as of March 31, compared to budget estimates set at the beginning of the financial year, the figures show. The latest figures on the state’s accounts with the Comptroller and Auditor General of India showing the same.
Data shows actual collections from stamp duty and registration fees were Rs 21,011 crore compared to the budget estimate of Rs 23,547 crore. The construction sector has viewed an apparent slow-down after demonetization.
The data is revealing the state has earned 89% of the target for 2016-17. However, last year it achieved 103% of the target.
Collection from land revenue was Rs 1,799 crore by March 31 compared to the budget estimate of Rs 3,200 crore. This means the state reached only 56% of its target.
In 2015-16 too, land revenue collection was only 54%, however, officials say a portion of this revenue is generated from agricultural land which dipped in 2015-16 since it was a drought year.
The state collected excise duties totaling Rs 12,287 crore compared to the budget estimate of Rs 15,343 crore. This is 80% of the target. However, last year, the government collected 92% of the target. Overall, the state’s revenue receipts for 2016-17 fell short by Rs 15,465 crore compared to the budget estimates. That’s 7% short of the target. Revenue receipts from sales tax and other taxes and duties exceeded targets.
State officials say that sometimes budget estimates are unrealistically high, which is why there is a shortfall in the actual collections.
State finance minister Sudhir Mungantiwar denied that revenue generation was not at all affected by demonetization. “It’s true that collections from stamp duty, land revenue and excise were lower than budget estimates but this is more because of an overall slowdown. It’s not the result of demonetisation,” he said.
Mungantiwar said the state had in fact gained revenue during the same period through Value Added Tax.