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 ....

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coastaldigest.com news network
April 30,2020

Mangaluru, Apr 30: Yet another case of covid-19 reported in the coastal city of Mangaluru today.  

The Dakshina Kannada district administration confirmed that a 58-year-old woman hailing from Boluru area in the city was tested positive for the coronavirus.

The woman was undergoing treatment in First Neuro Hospital at Padil where a woman from Bantwal (identified as P-501), who died of coronavirus had undegone treatment before being shifted to Wenclock. 

With this, total number of positive cases in Dakshina Kannada district has gone up to 22.

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coastaldigest.com news network
February 5,2020

Udupi, Feb 5: A school boy died after being bitten by a venomous snake while he was returning home from a playground at Perdoor village in Udupi district.

The victim has been identified as Abhinav (9), son of Raju Shetty and Gita Shetty couple from the same village. 

Abhinav had returned from school yesterday evening as usually. He then went out to play. At around 7 p.m. while he was walking towards home, a snake bit him sources said. 

He was immediately taken to KMC Hospital in Manipal, where doctors pronounced him brought dead. 

A case of unnatural death has been registered in the jurisdictional police station.

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News Network
July 16,2020

Tirumala, Jul 16: As many as 14 priests of Tirumala Tirupati Devasthanams (TTD) were tested positive for COVID-19 in Andhra Pradesh on Thursday, said Anil Kumar Singhal, Executive officer, TTD.

Singhal also held a meeting with temple priests, health and vigilance officials today.

On July 14, Singhal held 'Dial your EO' programme at TTD administrative building conference hall wherein the EO addressed the devotees and media and informed that 91 TTD employees have tested positive for COVID-19 till date.

According to the Union Health Ministry, the state has reported 35,451 COVID-19 cases including, 16,621 active cases, 18,378 recovered and 452 deaths so far.

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