BHUBANESWAR: As tax and non-tax revenue generation has failed to achieve the target, 2017-18 State annual budget is expected to increase revenue.
Another key suggestion at the pre-budget meeting was to club the plan and non-plan sectors for better results. The pre-budget meeting, presided over by Finance Minister Pradip Kumar Amat, was attended by former finance ministers, representatives from industries, economists, investors, officials from RBI and Nabard.
Tax collection, along with receipts from non-revenue sectors, was lower than the target in the last financial year.
Experts suggested that the tax should be increased in sectors like mining, business and land revenue. Suggestions were given to collect professional taxes from doctors, chartered accountants and others. Former finance minister Prafulla Chandra Ghadei said the size of the budget depends on revenue collection and revenue from own tax and non-tax sources have declined as compared to previous years.
Amat said the Union Budget is being tabled on February 1 following which the State Government will place the budget. “We will prepare the budget keeping in view the demonetisation move and GST,” he added.