The Maharashtra government managed to collect the expected Rs 1.59 crore in taxes, but it has lost Rs 1,299 crore in land revenue, Rs 4,000 crore in urban development revenue, Rs 1,000 crore in housing and Rs 966 crore in corporation tax. Officials have blamed the low revenue collection on lack of reforms in certain sectors.
For the year 2016-17, the government has proposed the revenue collection of Rs 1.75 lakh from taxes alone.
In the year 2015-16, the state expected to collect Rs 1.59 crore in revenue from taxes alone and it managed to receive Rs 1.58 crore, the budget statement said. The revenue that it lost was mostly from corporations. It had expected Rs 9,617 crore and received Rs 8,651 crore. Due to lack of renewing land leases, the government lost Rs 1,299 crore. It was expecting Rs 3,200 crore from revenue, while it received Rs 1,900 crore.
Despite increasing the premium on giving more FSI, the expected revenue of Rs 5,000 crore was not received from the urban development department. The state managed to obtain only Rs 1,000 crore from premiums.
However, the government managed to pull out Rs 500 crore in additional taxes from stamp duty and registration fees. It had expected Rs 21,000 crore but collected Rs 21,500 crore. It also got Rs 500 crore in additional revenue from electricity tax. In order to keep its revenue high, the state had received good news from the Centre, as it received Rs 7,112 crore more than what was expected on various aids.
The finance department has envisaged tax collection of Rs 1.75 lakh crore for the year 2016-17. Finance minister Sudhir Mungantiwar has proposed a few amendments in the VAT and sales tax in his speech while presenting the budget.
He said that the measures would bring more taxes in the state kitty for the next financial year.
