Ranchi: Revenue collection drops by Rs 5,000 crore in Jharkhand
- | Monday | 30th November, 2020
The state’s own tax revenue, which comprises excise duty, SGST, stamp duty, land revenue, and registrations among others, stood at Rs 7,586.4 crore. It fell by Rs 983.13 crore from this period in the last fiscal. The earnings through non-tax revenue stood at Rs 9,834.8 crore.
The state’s own tax revenue, which comprises excise duty, SGST, stamp duty, land revenue, and registrations among others, stood at Rs 7,586.4 crore. It fell by Rs 983.13 crore from this period in the last fiscal. The earnings through non-tax revenue stood at Rs 9,834.8 crore.
The Jharkhand government`s income through revenue receipts and taxes has fallen by over Rs 5,000 crore from the last year.
In between April 1 and October 31 of the ongoing fiscal, the state government collected total receipts worth Rs 30,753.27 crore. The government’s earnings between the same period in the 2019-20 FY stood at Rs 35,068.82 crore.
The state’s earnings from revenue receipts and tax revenue (from direct and indirect taxes) stood at Rs 27,534.23 crore and Rs 17,699.43 crore, respectively. The state’s earnings from its share of central taxes stood at Rs 9,845.43 crore, which fell by Rs 1,670.62 crore from last year.
The state’s gross earnings hovered around Rs 65,000 crore in the last fiscal.
“Even though the revenue collection suffered a jolt due to the lockdown, there certainly are green shoots developing in the past few months. Various sectors like transport, mining, and others are picking up gradually, which is a good sign,” finance secretary Himani Pandey.
Months after assuming office, finance minister Rameshwar Oraon had tabled an Rs 85,000 crore budget in March this year for the 2020-21 FY and pegged the fiscal growth at 7.2%. But eight months after its tabling, the government’s spending has been under 30% of its budgetary allocations. Pandey said while 86% of the budgetary allocations were cleared for spending, there were issues of procurement of raw materials and manpower during the lockdown which hindered the spending.
Oraon, who is recovering from Covid-19 at his Ranchi home, said: “The state exchequer suffered heavy losses due to the lockdown. In the first quarter, we had practically no revenues coming in from VAT on petroleum products, excise, and mining royalties. Now, we are hopeful that revenue collection is headed towards normalcy.” The minister added that plans are afoot to shore up additional revenue by imposing taxes through the forest department and the operations of three iron ore mines in the Chaibasa area.
Following the cabinet’s nod, the government imposed new VAT on petrol and diesel and additional cess on mining of minerals such as coal, iron ore, bauxite, limestone, and manganese to shore up revenue.
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