Despite noteban, Maha revenue increased in 2017-18: CAG report

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 CAG financial report has stated.

The Comptroller and Auditor General (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 per cent while income from state's own tax collection increased by 23 per cent.

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

Demonetisation, announced on November 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 per cent while cash balance of the state increased by 29 per cent.

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

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.