Bhubaneswar: The State Government has collected revenue of Rs 24,267.55 crore till end of October 2023 which is 53.63 per cent of the annual Budget Estimate (Rs.45251 crore).
Principal Secretary Finance Vishal Dev is regularly monitoring revenue collection of the State, said a senior official.
Due to the constant monitoring by Principal Secretary Shri Dev, the State was able to register a growth of nearly 14 percent till October end of the financial year.
According to latest State’s fiscal report up to October of the financial year 2023-24, the State has collected Rs 24,267.55 crore from non-ferrous mining and metallurgical industries during the current year in comparison to the collection of Rs 22,670.81 crore during the last year.
Due to a hike in mining revenue, the State’s Non-Tax Revenue collection has registered a growth of 14.66 percent. The total Non-Tax Revenue collection till end of October is Rs 29,259.77 crore which is 55.73 percent of the Budget Estimate (Rs 52,500 crore). The State had collected non-tax revenue of Rs 25,519.73 crore during April to October of 2022-23.
Similarly, State’s Own Tax Revenue collection has recorded a growth of 13.04 per cent up to October of 2023-24 in comparison to the collection of the same period of previous financial year.
Total Own Tax Revenue collection till end of October, 2023 stood at Rs 28,063.64 crore which is 52.95 per cent of the Budget Estimate (Rs 53,000 crore). The State had collected Rs 24,825.28 crore from Own Tax revenue sources during the same period of last financial year.
The Own Tax Revenue collection has witnessed the growth due to increase in the collection of commercial taxes in the State during April to October, 2023.
The commercial tax collection was increased by 12.14 percent during the period. The commercial tax collection has increased from Rs 16,457.78 crore (October’22) to Rs 18,455.97 crore (Oct’23).
Professional tax collection upto October 2023 grew by 1.23 per cent, while collection from land revenue increased by 29.76 percent and the revenue collection from stamp duty & registration witnessed a growth of 8.83 percent.
Moreover, the collection of tax on vehicles and electricity duty have been increased by 61.75 per cent and 13.09 per cent, respectively.
In total, State’s revenue collection from both own-tax and non-tax sources has grown by 13.86 per cent upto October of the current financial year compared to previous fiscal.
The State has collected total revenue worth Rs 57,323.41 crore from both own-tax and non-tax sources by the end of last month of the current fiscal compared to the collection of Rs 50,345.01 crore during the same period of previous fiscal.
The Share Tax till end of October, 2023 is Rs 23,926 crore which is 51.73 percent of the Budget Estimate 2023-24. It has recorded a growth of 21.63 percent over the corresponding period of previous year.
The Grants from Centre till end of October, 2023 is Rs 9310.08 crore which has grown by 32.50 percent over the corresponding period of previous year.
The total Central Transfer which is sum of both Share Tax and Grants from Centre till end of October end stood at Rs 33,236.28 crore which is 42.07 percent of the Budget Estimate.
So, the total revenue receipt from all sources till October was Rs 90,559.69 crore, which is 17.54 per cent more than the receipt of Rs 77,043.03 crore during April to October of 2022.