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Huge dent in Telangana State exchequer feared
While the government claims that the impact will not be much, the Finance Department is learnt to have submitted a report to the government that by March 31, the loss would be to the extent of Rs 8,000 crore.
Hyderabad: Facts on the ground level do not seem to justify the claims being made by the government with regard to impact of demonetisation.
While the government claims that the impact will not be much, the Finance Department is learnt to have submitted a report to the government that by March 31, the loss would be to the extent of Rs 8,000 crore.
According to highly placed sources in the Finance Department, the Commercial Taxes Department alone will lose nearly Rs 4,000 crore revenue and another Rs 4000 crore by Land Registration, Transport , Excise departments and from non tax revenues through land sales.
The sources said the sale of petroleum products which contributed nearly 20 to 25 per cent of the total revenue remained unaffected despite demonetisation.
But other trades mainly garments, FMCG (Fast Moving Consumer Goods), gold sales and other commercial activities have come down by 50 per cent.
The State government had targeted Rs 43,115 crore tax collections from the department this year. In the first two quarters of 2016-17 financial year, the State achieved nearly 45 per cent of the target and prepared plans to fulfill the targets during the remaining two quarters.
The sudden decision of demonetisation of high value currency notes had played spoilsport to the State’s economy.
The land registrations and vehicle sales declined to an all time low in the two months. The government targeted to generate Rs 4,200 crore from registrations and Rs 2,500 crore through Transport Department.
Now, each department would incur at least Rs 1,000 crore revenue loss in five months time, sources said. The Excise Department which expected to earn Rs 14,000 crore revenue through liquor sales suffered a setback.
With the sudden fall in the realty segment, the government’s plan to generate revenue from land sales was hit hard.
In all, the government estimated a loss of Rs 8,000 crore to the State exchequer which will badly affect the execution of the welfare and development schemes launched by the government this year, added the sources.
