Post News Network
Bhubaneswar, March 19: The state government aims to generate Rs 6,720 crore of revenue from non-ferrous mining and metallurgical industries, making it the largest component of non-tax revenue kitty.
According to the Budget document, for 2016-17, the state government plans to generate Rs 9,822.93 crore of non-tax revenue.
“Non-ferrous mining and metallurgical industries is the major component of non-tax revenue, contributing 68 per cent of the total non-tax revenue. Revenue from dividend contributes 10 per cent of the non-tax revenue,” it said.
Non-tax revenue comprises fees, fines or penalties, and surplus from public enterprises among others.
As per experts, mining revenue will see an upward trend in the next financial year on the back of reopening of many closed mines and ramping up of production. This is likely to generate larger royalty income for the state government.
Giving an account of total revenue collections during next financial year, the Budget said it is estimated to be Rs 78,127 crore with a growth of 10.13 per cent over FY2015-16 (Budget Estimates).
On the tax receipts, the Budget said around 59 per cent of the total tax collections will come from sales tax.
“The targeted sales tax Rs 13,616 crore- the largest component of tax revenue-is estimated to contribute 59 per cent of total tax revenue followed by state excise duty at Rs 3,000 crore, contributing 13 per cent of the tax revenue,” the document said.
While stamps and registration will constitute 4.46 per cent of the total tax revenue, 2.54 per cent of total tax receipts will come from land revenue. Entry tax and tax on vehicles will contribute around 21 per cent to the tax kitty.
The Budget also noted that despite higher devolution of taxes by the centre to state, the kitty of state government will not increase as Centre has reduced the grant component.
“The contribution of shared tax has increased by 6 per cent in FY 2016-17(BE) over 2015-16(BE), which is neutralised by a decline in the contribution of grants from Centre by 6 per cent. Therefore, the contribution of central transfer has not improved in FY2016-17(BE),” it added.
“The estimated growth of grants from Centre is negative at 12 per cent because of delinked centrally sponsored schemes, restructuring of the existing centrally sponsored schemes with less contribution from the central government and a significant decline of fully funded centrally sponsored schemes,” the Budget document said.
