Naphtha mishap may hit 100 cr tax revenue
PTI, PANAJI | 19 September 2011 10:38 IST
After witnessing higher VAT collection in the first five months of the current fiscal, Goa government now expects the pace of tax collection to slow down due to closure of the naphtha pipeline after fire last month.
Commercial Taxes department Commissioner S Korgaonkar said that the state earned additional revenue of Rs 150 crore by way of VAT from April to August 2011, he said.
The department collected Rs 787.34 crore in the first five months of current fiscal as against collection of Rs 636.97 crore in the corresponding period last year.
The department, however now expects that the tax collection may now fall because of the suspension of a Zuari Indian Oil Tanking Limited (ZIOL) pipeline carrying naphtha.
"Since there is no supply of naphtha, we may lose Rs 100 crore revenue which we had projected from the pipeline for the current FY," Korgaonkar said.
He said that the state government had targeted to raise Rs 2,000 crore by way of taxes this year and loss from the pipeline may have to be made good from other sources.
The state has seen steady rise in the collection of entry tax, collected at the border.
"For the last five months, the collection of entry tax was Rs 81 crore compared to Rs 54 crore during corresponding period last year," Korgaonkar.
He also explained that higher revenues can also be expected from the Casinos, off-shore and in-hotel, operating in the state.
"Until FY 2006-07, the department was earning Rs 5 crore as taxes from the Casinos but now it averages about Rs 30 crore," he said.
During the last fiscal, Rs 36 crore were collected from the Casinos.
Goa has six off-shore casinos mounted on the vessel and plying in Mandovi river adjacent to the state capital of Panaji.
Korgaonkar said that the tourism season beginning from October-November would also be a big revenue earner for the department.
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