Bhubaneswar: State’s revenue collection has registered a growth of 19.24 percent till February of the current financial year 2023-24 over the corresponding period of previous year.
According to latest official data, the State Government has collected total revenue of Rs 94,003.15 crore till end of February 2024 against the collection of Rs 78,834.48 crore during the same period of last financial year.
Due to the constant monitoring by Principal Secretary Finance, Vishal Kumar Dev, the State was able to register a growth of more than 19 percent in revenue collection till last month of the financial year.
State’s Own Tax Revenue collection has recorded a growth of 18.66 per cent during April to February of 2023-24 in comparison to the collection of the same period of previous financial year. Total Own Tax Revenue collection till end of last month was Rs 47,884.36 crore while the State had collected Rs 40,355.85 crore during the same period of last year.
The Own Tax Revenue collection has witnessed the growth due to increase in the collection of GST, land revenue, vehicle tax and electricity duty in the State during April 2023 to February 2024.
Professional tax collection up to February 2024 grew by 3.63 per cent, while collection from land revenue increased by 72.20 percent and the revenue collection from stamp duty & registration witnessed a growth of 5.39 percent. The sales tax was increased by 20.71 per cent during the period.
Moreover, the collection of tax on vehicles and electricity duty has been increased by 15.26 per cent and 16.61 per cent, respectively.
Due to a hike in mining revenue, State’s Non-Tax Revenue collection has registered a growth of 19.86 percent. The total Non-Tax Revenue collection till February end is Rs 46,118.79 crore whereas the State had collected non-tax revenue of Rs 38,478.62 crore during April to February of 2022-23.
Despite adverse market scenarios, mining revenue collection has witnessed a growth of 15.25 per cent till February end of the current financial year 2023-24 in comparison to the collection of last fiscal year.
According to data, the State has collected Rs 39,111.99 crore from mining during the current year so far in comparison to the collection of Rs 33,936.66 crore during the same period of last year.
The Share Tax till end of February, 2024 is Rs 46,793.86 crore which has recorded a growth of 27.89 percent over the corresponding period of previous year.
Similarly, the Grants from Centre till last month stood at Rs 19,024.56 crore which has grown by 35.25 percent over the corresponding period of previous year.
The total Central Transfer which is sum of both Share Tax and Grants from Centre till last month end stood at Rs 65,818.42 crore which is 29.93 percent more than what the State had received from the Centre during the same period of last fiscal.
So, the total revenue receipt from all sources till February was Rs 1,59,821.57 crore, which is 23.42 per cent more than the receipt of Rs 1,29,490.39 crore during April to February of 2023.
