Odisha has recorded 2.3 per cent growth in tax collection after the introduction of the goods & services tax (GST) regime in July 2017.
Between July and October, the state government realised Rs 3,735.14-crore revenues, as against Rs 3,651.28 crore in the corresponding period last year, Odisha's finance minister Shashi Bhushan Behera said. Behera was responding to a question in the state legislative assembly.
Beyond the GST purview, the state government has collected Rs 4,415.20 crore on petroleum products in the period under review, by way of value-added tax (VAT) and Central Sales Tax (CST). The figure includes Rs 2,934 crore paid by the Indian Oil Corporation Ltd (IOCL) towards VAT arrears between December 2015 and July 2017.
Odisha received Rs 333 crore as compensation for the months of July and August this year under the provisions of GST (Compensation to States) Act, 2017, said Behera. This legislation accepts 2015-16 as the base financial year for calculating tax and has approved an annual growth of 14 per cent.
The state collected Rs 11,047 crore tax in 2015-16. The revenue assessment for the state, after factoring in 14 per cent growth, works out to be Rs 14,357.76 crore.
For September and October combined, the compensation for Odisha has been calculated at Rs 687 crore.
In April-October period of FY18, Odisha's tax revenue has surged 33.72 per cent to Rs 15,855.95 crore, from Rs 11,857.55 crore in the comparable period of last financial year.
The state government eyes a tax collection of Rs 26,800 crore by the end of the financial year 2017-18.
In the non-tax revenue bracket, collection was up 16.58 per cent at Rs 4,020.12 crore in October-end, from Rs 3,448.26 crore. The collection was buoyed by a 37.53 per cent spurt in mining revenue that stood at Rs 3,152 crore. State hopes to mop up Rs 9,500 crore non-tax revenue in FY18. Total revenue is pegged at Rs 36,300 crore, of which Rs 19,876.07 crore stands realised as of October-end.
By the end of October, Odisha's debt burden, as assessed by the Accountant General, stands at Rs 66,656.56 crore. The debt load by the end of FY18 is expected to mount to Rs 76,744.12 crore, according to the state's Budget Estimates.