Home Finance Own Revenue Clocks 72 PC Growth

Own Revenue Clocks 72 PC Growth

Bhubaneswar: State’s overall own revenue generation has shown a very high growth of 72 per cent over the corresponding period of the previous year.

The own revenue collection crossed over Rs.31,000 crore during the first five months of this financial year.

State’s own revenue collection as on August 31 was Rs 31,159.64 crore, which was nearly 72 per cent more as compared to August 31 last year when the collection was registered at Rs.18,149.38 crore, while by August 31, 2019, State was able to collect Rs.18,086.62 crore.

The own revenue collection includes both own tax and own non-tax revenue, which has shown high growth during the first five months of 2021-22 Fiscal as compared to 2019-20 and 2020-21 Financial years.

While the actual own revenue collection during the entire 2020-21 was Rs.56,241.51 crore, the target was set to collect Rs.57,500 crore during 2021- 22 fiscal.

Within only five months, the State collected more than Rs.31,000 crore and is all set to cross the target during 2021-22, officials say.

So far the own tax revenue generation is concerned, the collections from VAT, GST, State Excise and Electricity Duty have recorded very positive growth.

While by August 31, 2020 the own tax revenue collection was Rs.10,864 crore, it went up to Rs.14,377.97 crore by August 31, 2021.

Commercial Tax, which consists of VAT, State GST and Share from IGST and Entry Tax has recorded 151.66 Per cent growth as compared to corresponding period of 2020, the officials said.

Tax on vehicles collected was Rs.568.51 crore as on August 31, 2021, which was Rs.397.17 crore as on August 31 the previous year.

The State Excise registered a growth of 127.29 per cent growth over corresponding period of last year. Odisha collected Rs.1942.46 crore by August 31, 2021 as against the Rs.854.62 by August 31, 2020.

The collection of taxes and duties on electricity touched Rs 1406.39 crore on August 31, 2021 as against Rs.1200.20 crore on August 31, 2020.

So far as non-tax revenue is concerned, as on August 31, 2021 it was Rs.16,781.67 crore recording 130.36 per cent growth over the as  corresponding period of 2020.

As on August 31, 2020, the State was able to collect Rs.7285 crore non-tax revenue.

The majority of non-tax revenue came from collection of mining revenue till August 31, 2021, which was Rs.15,858.89 crore–much higher than the previous years.

While the non-tax revenue collection target was set at Rs.20,000 crore for 2021-22 fiscal, high growth collections in this sector indicates that target will be achieved easily as trend looks positive, officials said.

The actual collection of non-tax revenue during 2020-21 was Rs.21,983.18 crore though nearly Rs.2000 crore less target was set looking at the Covid-19 pandemic situation.

However, with positive growth Tax Collectors are upbeat of more collections.

LEAVE A REPLY

Please enter your comment!
Please enter your name here