Karnataka fears massive revenue loss after currency chaos

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

  • 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
May 4,2020

Mangaluru, May 4: District Health Officer Dr Ramachandra Bairi on Monday said that a special team, comprising of six members, has been constituted to find the source of Corona infection in Dakshina Kannada .

The team is expected to file its report by May 6. It is still not clear if Bantwal was the source was the infection or not.

He said 1st phase of investigation in this regard is complete and the samples taken on the 12th day will give a clear picture.

Comments

Add new comment

  • 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
March 5,2020

Bengaluru, Mar 5: The Karnataka government has advised city-based companies to allow their employees to work from home if they have flu-like symptoms.

"Those employees having flu like symptoms may be allowed to work from home with advice of standard hand hygiene and cough etiquette," the Health Department said in its advisory.

The advisory asked people to avoid non-essential travel to COVID-19 affected countries and refrain from travel to China, Iran, Republic of Korea, Italy and Japan.

"Employees other than those restricted countries arriving directly or indirectly from China, South Korea, Japan, Iran, Italy, Hong Kong, Maccau, Veitnam, Malaysia, Indonesia, Nepal, Thailand, Singapore, Taiwan, the UAE and Qatar must undergo medical screening at airport entry," the advisory read.

The government advisory also mandated employees arriving through all international flights entering lndia from any port to furnish duly filled self-declaration form, including personal particulars - phone numbers and address in India, and travel history to health officials and immigration officials.

It also appealed to promote regular and thorough hand washing at work places and keeping sanitising hand rub dispensers (alcohol-based) in prominent places and provide access to places where staff can wash their hands with soap and water.

Companies have been asked to promote good respiratory hygiene and ensure the availability of surgical masks and paper tissues at workplaces only for those who develop a running nose or cough at work along with closed bins for their hygienic disposal.

Meanwhile, the Bruhat Bengaluru Mahanagara Palike Commissioner B H Anil Kumar chaired a meeting on Wednesday regarding the preparedness to deal with coronavirus.

Comments

Add new comment

  • 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
June 10,2020

Bengaluru, June 10: The Department of Primary and Secondary Education of Government of Karnataka today ordered a ban on online classes for children from KG to class 5.

The decision was taken following a report based on the report submitted by director NIMHANS, recommending online classes only above the age of 6 years and also following the complaints from several parents about online classes conducted by private schools even for kindergarten kids.

Briefing the media soon after the meeting with department officials, S Suresh Kumar, primary and secondary education minister said, "We have taken two major decisions today. The online classes for LKG, UKG and primary classes should be stopped immediately."

Even collecting fees in the name of online classes should be stopped, said the minister. "We have already issued a circular about it insisting that schools not collect fees in the name of online classes and also requesting schools not to increase fees for the 2020-21 academic year considering financial constraints of several people due to the COVID-19 pandemic," said the minister.

The department, however, also discussed how to engage children during this period as there was no clarity over the reopening of schools for the 2020-21 academic year. "We have constituted a committee to prepare guidelines on how to engage students and increase their knowledge. The committee is headed by Prof. MK Sridhar," he said.

Before taking this decision, the department had three rounds of discussions with various experts, including Prof. MK Sridhar, Prof. VP Niranjanaradhya, Dr John Vijay Sagar and other departments, including the home and health departments.

Comments

Add new comment

  • 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.