Bhubaneswar: Inspite of market slowdown, Odisha’s revenue collection is moving on right path with achieving 53.24 percent of the Budget Estimation made for the financial year 2022-23.
According to official data, the State has collected revenue worth Rs 50150.20 crore from various sources by the end of October, 2022 against the budget estimation of Rs 94200 crore for 2022-23 Fiscal.
Due to the constant monitoring and initiatives taken by Principal Secretary Finance, Vishal Kumar Dev, the State has achieved more than 53 per cent in revenue collection in seven months of the financial year.
The total revenue collection during the April to October period of 2021-22 was Rs 45797.62 crore and during October of 2020-21 was Rs 25955.16 crore.
So, the overall revenue collection has increased by 9.5 percent till October end in comparison to the same period of last financial year and grew by 76.45 percent, if the collection of 2020 will be taken into consideration.
The revenue generation from own-tax sources grew by 18.53 percent. The total revenue collection from own-tax sources during the period increased to Rs 24882.04 crore against last year’s collection of Rs 20992.88 crore, during the same period.
Under the own-tax revenue, commercial tax collection was increased by 17.13 percent till October 2022. The commercial tax collection has increased from Rs 14104.61 crore till October 2021 to Rs 16520.24 crore till last month.
Professional tax collection upto October 2022 grew by 21.47 per cent, while collection from land revenue and stamp duty & registration increased by 30.90 percent and 145.33 percent, respectively.
With the regular review and continuous effort by Excise Commissioner Ashish Singh, State Excise revenue has registered a growth of 21.28 percent till October this year. The State Excise revenue collection has been increased to Rs 3401.70 crore from Rs 3401.70 crore.
Similarly, the non-tax revenue up to October, 2021 was Rs 24804.75 crore which is increased to Rs 25268.16 crore by October, 2022, thereby recording a growth of 1.87 percent.
However, the revenue collection from non-ferrous mining & metallurgical industries has witnessed a minimal negative growth due to slowdown of market and price cut, sources said.
The State Government has collected Rs 22656.01 crore from the non-ferrous mining & metallurgical industries till October 2022 against the collection of Rs 22952.94 crore till October of last year. It means the mining industry has witnessed a negative growth of 1.29 percent this year.
Still, the mining revenue collection is on the right path as the State has achieved 52.15 percent of the revenue target of Rs 43444.06 crore made in the budget estimation for the current fiscal.
On the other hand, the Grants from Centre have been falling down as the Government of India squeezed its fund flow under various schemes and heads, the officials said.
The Grants from Centre fell by 26.75 percent till October of the current financial year.
The State Government has got only Rs 7031.93 crore Grants from the Centre till last month against the receipt of Rs 9599.43 crore during the same of 2021-22 and Rs 14007.19 crore during April to October of 2020-21.
It means, the Central Grants fell by 31.47 percent in comparison to October, 2021 and 26.75 percent in comparison to October last year.
However, the total Central transfer has witnessed a positive growth of 13.48 percent as the Central share tax amount has increased substantially by 41.19 percent till October this year.
The State has received Rs 19671.40 crore share tax from the Union Government till last month against the receipt of Rs 13932.16 crore during the same period of previous financial year. The total transfer from Centre to Odisha stood at Rs 26703.33 crore till last month, which is 13.48 percent more than what the State had received till October last year.