The Business Bytes
TBB BUREAU
BHUBANESWAR, APRIL 1, 2022
For the financial year 2021-22, the Central GST, Central Excise & Customs, Bhubaneswar Zone has shown remarkable growth in revenue realisation. Till March 31, 2022, total revenue to the tune of Rs. 50978 crore (approx.) has been collected from various taxes, namely, GST, Customs and Central Excise registering a phenomenal growth of 27 per cent as compared to previous financial year which is highest amongst all the large tax paying states of the country
The Chief Commissioner of Bhubaneswar Zone, R Mangababu said that this overall growth in tax collection is mainly due to increased industrial and economic activities in the Zone as evident from GST collection. For the month of March 2022, Central GST revenue of Rs. 1465 crore has been collected from the taxpayers administered by Central Government representing a growth of 43 per cent over the corresponding period last year. On analysis of revenue paid in cash by the GST taxpayers of the Zone, it is seen that there is an increase of whopping 87 per cent growth in 2021-22 compared to the year-ago period. The revenue growth of the Zone with respect to GST is 87.50 per cent and for Customs is 65.46 per cent for the financial year 2021-22.
The Sectoral Analysis of revenue realised in cash from Top 100 taxpayers of the Zone has revealed that the Steel, Mining & Mining services, Works Contract Services Sectors have registered phenomenal growth during the FY 2021-22 as compared to the previous fiscal. Other sectors namely Oil, Paper, Banking & Finance etc have also shown substantial growth during FY22.
So far as the import and export is concerned, Bhubaneswar Zone has collected Rs. 11154 crore of Customs duty in FY22 registering a growth of about 65.46 per cent as compared to the previous financial year.
