01 May 2017 | Last updated 12:19 AM


 
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Govt fails to meet the revenue target
Pandurang Mhaske | Sunday, 19 March 2017 AT 04:06 PM IST
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Mumbai: The State Budget exposed the government’s failure to meet the targets of revenue generation. In the budget of 2017-18 there is an estimated revenue deficit of Rs 4,511.19 crore and a fiscal deficit of Rs 38,788.76 crore.
It has reflected in the fiscal deficit of the state as for year 2016-17, the revised number has risen to Rs 50,318.27 crore from the estimate of Rs 35,031.38 crore.

The State expects the revenue receipt worth Rs 2,43,737 crore in financial year 2017-18. For the year 2016-17, the state revenue is likely to reach Rs 2,20,011 crore in comparison to estimated Rs 2,20,810. The burden of debt has increased from Rs 3,71,047.03 crore which is the revised estimate for year 2016-17 to Rs 4,13,044.03 crore for the year 2017-18.

In the Budget, the government failed to generate expected revenue through Land Revenue Department. As against the estimated Rs 3,200.15 crore in the previous budget, the State could generate only Rs 1,500.55 crore, less than half of the amount. It could not reach the target in Stamps and Registration Fees as instead of Rs 23,547.66 crore, the generated revenue is Rs 20,000 crore. Collection of Excise Duty also saw a shortfall of Rs 15,343.86 crore to Rs 13,600 crore. 

The government is showing the increased revenue, which came from the Central government under various schemes. The grants-in-aid from the Centre increased from estimated Rs 24,964.19 crore to Rs 32,447.45 crore, helping the State control the revenue deficit from going out of control.

“I will try to minimise the deficit by reducing expenditure and by effective recoveries. We are hoping that we will get Rs 396 crore extra from new taxes. The plan size of the budget also has been increased to Rs 62,000 crore,” said Munguntiwar.
 
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