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AP registers 3k crore revenue deficit
Andhra Pradesh has recorded a revenue deficit of Rs 3,000 crore during the first quarter of the current financial year (2015-16). Talking to media after a review meeting late on Monday night, Finance Minister Yanamala Ramakrishnudu said the revenue earning departments have been able to collect only Rs 9,800 crore as against the target of Rs 10,530 crore given by the State government for the first quarter.
Hyderabad: Andhra Pradesh has recorded a revenue deficit of Rs 3,000 crore during the first quarter of the current financial year (2015-16). Talking to media after a review meeting late on Monday night, Finance Minister Yanamala Ramakrishnudu said the revenue earning departments have been able to collect only Rs 9,800 crore as against the target of Rs 10,530 crore given by the State government for the first quarter. There has been a shortfall of Rs 750 crore in the revenue collection, he said.
He said all the departments which had failed to achieve their target have been asked to cover the shortfall in the next quarter.Giving details of the performance of the revenue earning departments, the Finance Minister said the commercial tax department was able to collect a revenue of Rs 7182 crore against a target of Rs 7,700 crore in the first quarter of the financial year.
Similarly, excise department collected Rs 772 crore against a target of Rs 907 crore, he said. Expressing satisfaction over the revenue collections of transport, stamps and registration, forest and mines and geology departments, Ramakrishnudu said transport department had collected Rs 512 crore against the target of Rs 500 crore, stamps and registration department revenue stood at Rs 787 crore against the target of Rs 783, mines and geology department collected Rs 304 crore against the target of Rs 287 crore and forest department's revenue stood at Rs 148 crore against the target of Rs 116 crore.
He said the excise department saw a growth of 3 per cent against the target of 20 per cent. "Since the new excise policy has come to existence recently the revenue collection has not yet started picking up," he added. The Finance Minister said he was disappointed with revenue collected through sale of lands as there was steep fall in the land revenue collections with only Rs 73 crore being collected against a target of Rs 233 crore.
Expressing concern about the fiscal position of the State, Ramakrishnudu said with central assistance coming down the State has to now depend upon its own resources. Though the devolution of net central tax share to State has been increased to 42 per cent from 32, the actual share of central taxes to the State has come down from 65 per cent to 62 per cent compared to 13th Finance Commission," he pointed out.
As per the recommendations of the 14th Finance Commission, now States have to share 50 per cent of the burden of all the Centre-sponsored schemes, he said.
