Odisha targets Rs.32,000 crore revenue this fiscal

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SME Times News Bureau | 04 May, 2015
Apprehending revenue loss due to changes in Centre-state funds sharing pattern, the Odisha government has decided to enhance revenue collection to around Rs.32,000 crore during the 2015-16 fiscal, an official said on Saturday.

Holding a high-level meeting on Saturday, Chief Secretary G.C. Pati tentatively decided to enhance revenue collection to around Rs.32,000 crore in 2015-16 for accelerating economic growth in the state.

While central assistance for about 8 schemes has been de-linked, the cost-sharing pattern in about 33 schemes has also been changed. The state is likely to lose around Rs.3,000 crore in the context of changed fiscal provisions, said a statement from the chief secretary's office.

Pati directed the departments to prepare appropriate strategies for realisation of the target and asked them to take up reform measures like simplification of tax rules, application of IT and reduction in the cost of compliance to tax norms for augmenting revenue collection during 2015-16.

It was decided that an institutional mechanism will be put in place to introduce reforms, undertake regular review of the collection position and suggest necessary measures for further improvement on a regular basis, added the statement.

The revenue collection of Odisha during 2014-15 grew by 10.09 percent over the previous fiscal. The total collection of tax and non-tax revenue during 2014-15 was Rs.27,820 crore.

The total collection from own tax revenue was around Rs.19,996 crore against the budgetary estimate of Rs.19,862 crore.

Due to close-down of several mines, the royalty from mining decreased to Rs.5,308 crore against the target of Rs.6,346 crore in 2014-15.