MUMBAI: Even as the common man is at the receiving end, the daily hike in petroleum prices is helping the cashstrapped Maharashtra government by adding nearly Rs 700 crore to state exchequer as value-added tax (VAT).
\nA senior official said every Re 1 increase in petrol and diesel prices give the state additional VAT of Rs 140 crore and Rs 275 crore, respectively, annually. \u201cIn view of consecutive hikes in petrol and diesel rates, we expect to add nearly Rs 700 crore to the state exchequer. Annually, we receive Rs 9,100 crore as VAT on petrol and Rs 16,000 crore on diesel,\u201d he added.
\nExpressing concern over the deteriorating financial situation, the official said that even after imposing a 63% cut on the state budget to mobilize Rs 70,000 crore, the situation is still bad.
\nIt was expected that the Maharashtra government would receive funds from stamp duty and registration and excise duty on liquor.
\nLast year, the state revenue department had surpassed the target on stamp duty and registration\u2014against the Rs 28,000 crore target, it had mobilized Rs 28,989 crore, nearly 104% more than the target. But in April and May this year, only Rs 789 crore has been mobilized.
\nEven on excise duty on liquor, the main source of income for Maharashtra government, against the average monthly target of Rs 1,300 crore, it garnered Rs 2,97 crore in April, Rs 581 crore in May and is expected to mobilize Rs 600 crore in June.
\n\u201cLast year, we had achieved the target, now it appears to be difficult to reach the target of Rs 19,225 crore,\u201d the senior official said.<\/p>\n","protected":false},"excerpt":{"rendered":"
MUMBAI: Even as the common man is at the receiving end, the daily hike in petroleum prices is helping the cashstrapped Maharashtra government by adding nearly Rs 700 crore to state exchequer as value-added tax (VAT). A senior official said every Re 1 increase in petrol and diesel prices give the state additional VAT of Rs 140 crore and Rs 275 crore, respectively, annually. \u201cIn view of consecutive hikes in petrol and diesel rates, we expect to add nearly Rs 700 crore to the state exchequer. Annually, we receive Rs 9,100 crore as VAT on petrol and Rs 16,000 crore […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,219,137],"tags":[],"class_list":["post-358018","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/358018","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=358018"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/358018\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=358018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=358018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=358018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}