Despite Note Ban, Maharashtra Revenue Increased in 2017-18: CAG Report
Indian two thousand and five hundred rupee banknotes are arranged for a photograph in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Despite Note Ban, Maharashtra Revenue Increased in 2017-18: CAG Report

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The Maharashtra's government's revenue for financial year 2017-18 increased significantly when compared to the previous fiscal despite the announcement of demonetisation a few months before this period, a Comptroller and Auditor General financial report has stated.

The CAG of India's financial report of the state for 2017-18 was tabled in the Assembly on Friday.

It said state income (revenue receipts) increased by 19 percent while income from state's own tax collection increased by 23 percent.

Revenue receipts, which stood at Rs 2,04,693 crore in 2016-17, increased by 19 percent to 2,43,654 crore in 2017-18, revealed the CAG report.

Demonetisation, announced on Nov. 8, 2016, which had major repercussions in terms of repayment of all type of taxes, eventually benefitted the state.

The CAG report also stated that repayment of public debt increased by 33 percent while cash balance of the state increased by 29 percent.

However loans and advances recovery increased by two percent, followed by disbursement decreased by 84 percent.

The CAG report also pointed out that there was revenue surplus of Rs 2,082 crore against estimated revenue deficit of Rs 4,511 crore.

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