eenadu news paper 19-11-2016

The Andhra Pradesh government is closely monitoring the impact of demonetisation on the state as a majority of the incomeearning departments are reporting a steep fall in revenue. Registration, excise and prohibition, commercial taxes and other tax-collecting wings are already feeling the heat.

Sources said 40-60 per cent dip in the income was reported by a majority of the departments in the last 10 days.“We are tracking the developments as it is a peculiar situation. We are yet to get full reports on the revenue shortfalls from the districts,“ said finance special chief secretary Ajay Kallam.. “AP is not the only state that is going to be impacted due to ban on old high denomination currency notes.The entire country is facing a similar situation,“ he added.

The state government, which is already reeling under a deficit of over Rs 9,000 crore in the last seven months, might be forced to go for overdraft or take loans to pay the salaries of its employees if the situation does not improve in the next few weeks. The registration department, which was expected to return the exchequer a revenue of Rs 3,200 crore during the current fiscal, has collected around Rs 2,300 crore.

eenadu news paper 19-11-2016: http://epaper.eenadu.net