State revenue graph records a drastic dip 

The state’s revenue graph has witnessed a steep drop when the demonetisation process has turned one month. Taxes on sales and trade, which constitute 79 per cent of the state’s tax revenue saw a 30-40 per cent fall though the exact figures would be available by December-end.

THIRUVANANTHAPURAM: The state’s revenue graph has witnessed a steep drop when the demonetisation process has turned one month. Taxes on sales and trade, which constitute 79 per cent of the state’s tax revenue saw a 30-40 per cent fall though the exact figures would be available by December-end.


Commercial Taxes had a two-digit growth in October and November - 17 per cent and 14 per cent, respectively. The December figure, which is based on  sales and trade in November, would be less than 10 even by a liberal estimate, sources in the Finance Department said.    

 
Turnover of State Lotteries almost halved from Rs 735 crore in October to Rs 372 crore in November. Loss to the Beverages Corporation ranges between Rs 40 crore and Rs 50 crore. Stamps and Registration, the second major head in own tax revenue saw a 39 percent drop, from Rs 250.23 crore in October to Rs 150.44 crore in November.Motor Vehicles Tax collection in November was Rs 183 crore, a far cry from Rs 277 crore in October. Forest Department, another major contributor, to the non-tax revenue did not witness any loss.


Not all are unhappy
Government departments and agencies which continued to collect Rs 500 and Rs 1000 notes after November 8 recorded increase in revenue. Officials of the Land Revenue Department said their preliminary assessment indicated a rise in collections. 


Kerala Water Authority saw an increase of Rs 30 lakh in collections - from Rs 41.2 crore in October to Rs 41.5 crore in November. The KSRTC which suffered an initial blip in the first week after demonetisation recovered soon.

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