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Slight slowdown strain on revenue

Deputy chief minister Sushil Kumar Modi on Monday said the global economic slowdown was slightly perceptible in the state with the slide in revenue generated from the sale of petroleum products and vehicles in November.

The growth rate (revenue generation) in these two sectors petroleum and vehicles is less than 10 per cent, he told reporters after the meeting of the value added taxes suggestion committee with traders.

Modi said against the revenue target of Rs 11,000 crore in the 2012-13 financial year, around 30 per cent more than the previous year, the state government till now has achieved a growth of 27 per cent.

The deputy chief minister, however, said there was nothing to worry about the global economic slowdown. Barring the petroleum and the auto sector, all other segments were doing well in the state.

The growth in taxes from the iron and steel industry is 74 per cent. The revenue from the cement industry has surged by 60 per cent, while that from the electrical goods sector increased by 42 per cent. The foreign liquor trade has registered a growth of 36 per cent as compared to the previous year.

Modi said: There has been a negative growth of 12 per cent in the gun and rifle industry. It proves that the law and order situation in the state has improved.

He added that all the traders in the state would have to register themselves online with the commercial taxes department in the next couple of months for filing of annual returns. He said the online registration and payment had been made compulsory to increase the revenue by plugging various loopholes in the system.

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