Excise revenue goes up in 2014-15
Bhubaneswar: The State government has collected Rs.2,709.73 crore as excise revenue in the financial year 2014-15 as against Rs.2,286.04 crore in the period 2013-14, said an official of Excise department on Sunday.
The government has collected a total of Rs.2,709.73 crore including Rs.6,70.94 crore of sales tax and entry tax in the period 2014-15, while it had collected a total of Rs.2,286.04 crore in the period 2013-14, said an Excise department report.
It has collected Rs.2,038.79 crore excise revenue without sales tax and entry tax by March, 2015, which is 14.46 percent higher compared to last financial year. However, the government failed to achieve the set target to collect Rs.2,150 crore (without sales tax and entry tax) in the financial year 2014-15, said the report.
In order to increase the excise revenue, the government had implemented hike in sales taxes on foreign-made liquor last year aiming to garner more revenue. In June 2014, the government in the Budget for the period 2014-15 had proposed to hike sales tax on foreign-made liquor to 25 per cent, from 20 percent charged earlier.
In the period 2013-14, the state collected Rs.1,780.30 crore as excise revenue based on old rate, which was higher than the collection of Rs.1,500 crore in the period 2012-13. Meanwhile, the state government has decided for an e-auction of Indian Made Foreign Liquor (IMFL) and country liquor shops in a bid to bring transparency and hike revenue.
“This is along the lines with the decision of the state cabinet on excise policy for the period 2015-16. The e-auction for 1,410 shops will be done in two phases,” said an official.
The e-auction will help in generating additional resources at a time when revenue collection has dipped because of drying up of central assistance and reduction in the receipts from mining sector.