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November 25, 2013

Bengal`s revenue collection second highest in India

Bengal`s revenue collection second highest in India

Revenue collection of West Bengal has risen by 21.6 per cent in the last five months. Tax collection in West Bengal is expected to show nearly 32 per cent growth to an estimated Rs 41,000 crore in the current fiscal. More than two-thirds of the revenue will be used in debt-servicing.

“From April to August 2013, West Bengal`s tax collection growth has been the second highest in India with 21.6 per cent growth,“ State Finance Minister Amit Mitra said.

Moreover, the collection was during the months between April to August. “There is less revenue collection in the first five months of the financial year,“ he said, adding that these are the figures by the central government.

He further said, “I am hoping that by the end of the year, we would capture the number one slot.“

The state government collects three kinds of taxes – VAT, which includes sales tax, stamp duty on registration and excise duty.

“Putting all the three taxes together, West Bengal has emerged as the second highest in the country,“ he said, during a press meet during the West Bengal Day celebration at India International Trade Fair (IITF).

Highlighting the economic achievements of the Mamata Banerjee led government, he said, “In terms of GDP, India grew by 4.9 per cent in 2012-13, while West Bengal grew by 7.6 per cent. It is remarkable.“

Terming India`s Index of Industrial Production (IIP) index of 0.05 per cent as “pathetic“, the State Finance Minister said that the state IIP grew by 6.65 per cent. The index of industrial production of West Bengal grew higher than the national figure. “These are the pillars of growth that the West Bengal government has been able to achieve, so it is a proud moment for us,“ said the State Finance Minister.