1. Home
  2. Karnataka fears massive revenue loss after currency chaos

Karnataka fears massive revenue loss after currency chaos

[email protected] (TNN)
November 16, 2016

Bengaluru, Nov 16: The Centre's move to demonetize high value currency notes threatens to derail Karnataka's revenue collection this financial year. Officials fear that the state might miss its revenue target by at least Rs 5,000-Rs 15,000 crore for the current fiscal. The move has already affected liquor sales, property transactions, and sale of new and used vehicles.

Untitled-1"We are still assessing the impact and will get a clear picture by the weekend. We are certainly expecting some impact,'' said ISN Prasad, additional chief secretary, state finance department. "The government's revenues have taken a severe beating following the demonetization move. Whatever taxes were supposed to come to the state, including commercial taxes, sales taxes and all the revenues have been hampered. It will certainly have a huge impact on this fiscal's tax collection," said another finance department official.

The government's excise department has been the worst hit. The sale of foreign liquor has come down drastically in the past few days. A senior excise department official said: "Most of the excise revenue come from the sale of Indian Manufactured Foreign Liquor. Officials at government outlets have claimed that the sale has gone down by at least 50%."

The government had fixed an ambitious revenue target of Rs 16,510 crore for the excise department this year following a 25% hike in taxes on liquor. The government has collected only about Rs 7,500 crore so far. "People have stopped buying liquor, especially the expensive ones, due to shortage of high-value currency," added the official.

The revenue target for the stamps and registration department had been fixed at a higher Rs 9,100 crore for the current fiscal. Most of this amount comes from revenue layouts through stamp duty and property registration, which has completely stopped since November 8. "Bengaluru is a big market for secondary real estate, which traditionally works on 60:40 white and black money ratio. Ban on transaction of black money has badly hit property registration," said a senior official of the stamps and registration department.

Comments

Althaf
 - 
Wednesday, 16 Nov 2016

Not only in karnataka All over india it will effect.

Skazi
 - 
Wednesday, 16 Nov 2016

let the Govt reduce the Value of lands for registration purposes... then the govt will get back the revenues.... as the buyers will come forward in the real estate business .....
The govt does not apply its mind while fixing the land values ... It goes by survey no.... whether the site has road connection or not,, the govt value is same for all sites ....

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 31,2020

Bengaluru, July 31: Denying irregularities in covid-19 equipment purchase by the Karnataka government, the state unit of the BJP has issued legal notices to Congress leaders Siddaramaiah and D K Shivakumar demanding that they apologize or face a defamation suit. 

The notices seek a public apology for the allegations levelled against the government on irregularities in the procurement of Covid-19 equipment and supplies. 

Both Siddaramaiah and Shivakumar, the Karnataka Congress president, have been doggedly pursuing allegations of corruption against the BJP government and have demanded a judicial inquiry. 

BJP general secretary N Ravi Kumar said that while the Congress leaders claimed that Rs 4,157 crore was spent during Covid-19, they also allege that the government has not responded to any of the 20 letters written by them. "If the government has not provided any answer to the Opposition, where did they get the figures from," he said.

None of the allegations of corruption is specific and the statements made are factually incorrect. "These statements, without any basis, have been issued calculatedly to lower the image and damage the reputation of the government, the Bharatiya Janata Party, representatives of the party and the ministers in the government," the notice issued on behalf of Ravi Kumar read.

Comments

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 22,2020

Mangaluru, Apr 22: Iftar parties, Taraweeh and weekly Friday prayers in mosques have been banned in the district during Ramadan amid Coronavirus theat, Dakshina Kannada Deputy Commissioner Sindhu B Rupesh said here on Wednesday.

In a release issued here, she said, “As per the guidelines issued by the State government and Wakf Board, arranging Iftar gathering, and offering Taraveeh Namaz and Friday Namaz at mosques or dargas during the month of Ramadan has been prohibited as a precaution measure to prevent the spread of coronavirus. Therefore, offer prayers at homes instead of going to mosques," the DC said.

“No one can perform Namaz in the mosques except the muezzin and the Pesh imam and the staff of the mosque. Also, gathering neighbors and offering collective prayers at anybody's home is also not allowed. Masjid administration committees must follow the directives of the government, Wakf Board and the District Administration”, the DC urged.

Comments

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 4,2020

Thiruvananthapuram, Dec 4: Depressed over the communal and racist policies of union government, a 67-year-old retired school headmaster committed suicide allegedly after losing matriculation certificates and documents related to his father.

The victim was identified as Mohammed Ali a resident of Narikunni in Kozhikode district in north Kerala.

On finding Ali missing from home on Friday morning, his family members conducted a search in the nearby areas. His body was later found in a well located in one of his relative’s compound nearby.

A suicide note recovered, suspected to have been written by the victim read, “I have lost all my important certificates. Matriculation certificates of me and my wife. Old documents of my father are also missing. I think all these documents were given away along with the waste recently. None should be held responsible for my foolish act. You may get into trouble.”

According to relatives, Ali was under severe stress after regularly watching programmes related to CAA. He was also actively involved in anti CAA campaign.

“He was worried about the documents and had serious apprehensions about future,” said his younger brother Abdul Nasser.

“After attending an anti CAA meeting in Kozhikode he had shared his apprehensions. He used to frequently discuss the topic with others ,” recollected Jaffer a local resident.

Ali also had health complications. Meanwhile, the local police said that preliminary investigations suggested that the man could have taken the extreme step after losing documents. However, the reason behind the suicide could be said conclusively after detailed probe.

Comments

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.