A new report has shed light on the poor economic situation in the State of Maharashtra, which also happens to be one of the worst-hit states by COVID-19. With just a little over three months to go until the conclusion of the 2020-21 financial year, the state is said to be behind its income target.
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Data reveals that the state has collected revenues of ₹1,41,213 crores between April 1, 2020, and December 8, 2020. However, this is around 59 per cent lower than the original estimate of ₹3,47,457 crores the state had projected to earn during the financial year.
By comparison, the state had reported earnings of ₹2,14,378 by the end of December 2019, approximately 52 per cent higher than the current financial year. It is said that there was an increase in the collection of larger taxes such as GST, stamps, excise, as well as registrations. However, officials acknowledged that these figures are way off as compared to collections from last year or even in comparison to initial budget estimates from 2020-21.
Officials further said that the state’s tax revenue is 62 per cent below the estimates and continues to be a concern. Just prior to the coronavirus pandemic in the state, officials had estimated earnings of nearly ₹2,25,071 crores from taxable sources. However, the state has only collected ₹86,019 crores as of December 8, 2020.
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Further, the state only managed to collect ₹8,045 crores in non-taxable revenue as of December 8 which amounts to just 39 per cent of the state’s targeted revenue of ₹20,506 crores. Moreover, the state’s income via grant-in-aid received from the Central Government and central taxes is 50 per cent and 47 per cent lower than its target.
Despite putting in new measures to revive the economy, senior officials said that newer economic indicators like electricity demand, GST collections, and so on will continue to be slow for a period of time.
Back in October, finance managers of the state had mentioned that an increase in the unemployment rate along as well as job losses are proving to be big obstacles for the economic recovery of Maharashtra.
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