Punjab govt overestimated tax revenues in last five years
The Punjab government has been overestimating its tax collections and then failing to meet its budgetary estimates year after year.punjab Updated: Mar 30, 2017 10:24 IST
The Punjab government has been overestimating its tax collections and then failing to meet its budgetary estimates year after year.
The state authorities have regularly overestimated its revenue collections from value added tax (VAT), state excise and stamp duty and registration fees in budget estimates during the last five fiscals (2011-12 to 2015-16) with the actual receipts being lower each year, according to the CAG report.
The government in its budget estimates for 2015-16 put tax revenues at Rs 29,352 crore whereas that realised were Rs 26,690 crore. It was off the mark in its estimates of VAT, state excise, stamp duty, taxes and duties on electricity and taxes on vehicles.
‘Rs 93-CR LOSS DUE TO DAMAGED WHEAT’
The CAG report also pointed out that Punjab state civil supplies corporation limited failed to preserve wheat stocks, leading to a loss of Rs 93 crore.
An audit team in March 2015 had observed that of the 1.6-lakh tonne wheat stored at various locations, 81,978 tonnes had deteriorated.
The Food Corporation of India had declared 72,845 tonnes as damaged, leading to an effective loss of ₹93 crore.