Odisha: Revenue collection from mineral sector up by 221pc in Apr-Sep, exceeds annual target

An upward movement in mineral prices in the international market also contributed to it. The state government conducted auctions of nine major mines between July and September, the official said.With unexpected revenue generation from the mineral sector, Odishas non-tax receipt reached Rs 19,922 crore till September 30, as against the annual target of Rs 20,000 crore for the current fiscal, he said.


PTI | Bhubaneswar | Updated: 17-10-2021 20:17 IST | Created: 17-10-2021 20:17 IST
Odisha: Revenue collection from mineral sector up by 221pc in Apr-Sep, exceeds annual target

Revenue collection from Odisha's mineral industry grew by a whopping 221 per cent to over Rs 18,841 crore in the April-September period of the current fiscal, exceeding the budgetary estimation of receipts from the sector in FY22. The revenue generation from the sector was at Rs 5,870.74 crore in the year-ago period and at Rs 5,221.91 crore in the first half of the 2019-20 fiscal. ''As against the state's budget estimation of Rs 13,700 crore as mineral revenue for the 2021-22 fiscal, Odisha has already collected Rs 18,841.54 crore by September 30,'' a senior official of the finance department said.

The state government is expecting to mop up around Rs 36,000 crore revenue from the mineral sector by March 31, 2022, he said. Noting that the rise in collection from the mineral sector is somehow linked to the amendment of the Mines and Mineral (Development and Regulation) Act in 2015, mining expert S K Mohanty said, ''The increase is mostly due to auction of blocks as per the revised norms which allowed the government to grant a mining lease through bidding process only. An upward movement in mineral prices in the international market also contributed to it.'' The state government conducted auctions of nine major mines between July and September, the official said.

With ''unexpected revenue generation from the mineral sector'', Odisha's non-tax receipt reached Rs 19,922 crore till September 30, as against the annual target of Rs 20,000 crore for the current fiscal, he said. The state's own tax revenue collection was at Rs 17,553.23 crore by September 30, registering a 30 per cent growth over the corresponding period of 2020.

The budget estimate for own tax revenue collection was at Rs 37,500 crore, and the state has mopped up 46.81 per cent of the target in the first six months of 2021-22 fiscal.

Odisha’s excise revenue in the period under review also registered a 103 per cent growth as the state collected over Rs 2,402.84 crore by the end of September. This apart, the collection of Goods and Services Tax (GST) in Odisha is also ''satisfactory'' and in September, it registered a 48 per cent growth, state Commercial Tax and GST director S K Lohani said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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