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Indirect tax collection surges 42% in Odisha

April, 07th 2016
Indirect tax collection in Odisha saw a spike of 42 per cent in 2015-16 to reach Rs 11,948 crore, fuelled by contributions from corporates, a pointer to improving industrial sentiment in the state. Actual collection surpassed the target of Rs 11,420 crore set for FY16. In 2014-15, indirect tax collection stood at Rs 8,405 crore. Central excise collection touched Rs 6,936 crore against the target of Rs 6,800 crore fixed for the last financial year for the Bhubaneswar zone. The collection has surpassed the 2014-15 figure by Rs 2,276 crore, posting a growth of 49 per cent. "Mahanadi Coalfields Ltd (MCL), a subsidiary of Coal India Ltd (CIL) is the leader in the central excise collection bracket. The hike in coal cess to Rs 400 per tonne has led to surge in realization. MCL has paid Rs 3,466.18 crore in the last financial year as central excise duty", said an official. Steel major Rourkela Steel Plant (RSP), a unit of Steel Authority of India Ltd (Rs 446.49 crore), Bhushan Steel ( Rs 536.05 crore) and JSPL (Rs 180.98 crore) are the leading contributors to the indirect tax kitty. Similarly, the customs duty collection is also up by 45 per cent to Rs 2,727 crore in 2015-16 compared to the previous financial year. The revenue realization is Rs 851 crore more than that of 2014-15. "Steel industries importing more iron ore and met coke has boosted collection. During the period under review, Indian Oil Corporation Ltd, which commissioned its refinery at Paradip, imported crude oil, contributing to the surge in realization of customs duty", added the official. Service tax collection has also soared in the last financial year. The collection was Rs 2,285 crore against the target of Rs 2,320 crore fixed for the current financial year. It is up by 22 per cent from Rs 1,869 crore realized up to March 2015. Defence PSU Hindustan Aeronautics Limited (HAL) has paid Rs 127.47 crore in the last financial year followed by Paradip Port Trust (PPT), country's second major port in cargo handling, contributing Rs 108.65 crore to the service tax bracket.