Total target deficit is Rs6,000 crore in the first five months of FY12.
The State budget could go haywire if the revenue receipts continue to dive south. Only Rs44,200 crore of the overall target of Rs1.21 lakh crore has been met within the first five months of this fiscal year, making the finance department run a deficit of Rs6,000 crore in revenue generation.
The department has now directed all authorities concerned to closely monitor the mobilisation of resources to keep the budget on track.
Of the four major revenue generating heads, three are lagging much behind.
While stamp duty and registration have suffered the biggest blow in the current fiscal year — with a revenue of just Rs5,000 crore as against its annual target of Rs15,600 crore, vehicle taxes and the excise department are close behind.
Revenue generated from taxes on vehicles during this period is Rs1,500 crore (against its annual target of Rs4,000 crore and that of the excise department is Rs2,875 crore (the target is Rs8,500).
Sales tax alone seems to offer some solace. It is inching close to its target of Rs46,000 by generating Rs21,500 crore till August. But, hold your horses: the collection is much less than that in the corresponding period last year.
"Though generation reduced suddenly in the last few days, it cannot be called a worrisome situation. We are closely monitoring the scenario and I think it is on course," said Sudhir Shrivastava, principal secretary of the finance department.
He blamed the slump on incidental situations like the drop in realty revenue.
An officer from the department said the year-on-year growth in sales tax this year is down to 20 per cent from last year's 28 per cent.
"It's really a matter of concern for us," he added. He said generation of revenue from excise and real estate usually picks up in the second half of a year. "The sale of vehicles has reduced sharply in the last few months and that has affected tax generation."
He, however, warned that in light of global slowdown, it would be a difficult task to turn the situation around in the second half of this year.
A Congress minister pointed fingers at the pending approvals for real estate projects in the city for the poor generation of revenue from stamp duty and registration.
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