Image used for representational purpose only. (File Photo)
Image used for representational purpose only. (File Photo)

Odisha: Projected central tax share likely to increase

Odisha expected to get Rs 3261.85 cr more under the state’s share

BHUBANESWAR: Though not up to expectations, Odisha is likely to get Rs 3261.85 crore more under the state’s share in central taxes and duties in 2023-24 compared to 2022-23. According to the Union budget documents, Odisha’s share has been estimated to be Rs 46,251 crore for 2023-24 compared to Rs 42,989 crore in 2022-23 as per the revised estimates. 

Official sources maintained that the state government was expecting an increase of state share by Rs 5,000 crore to support its budget for 2023-24 which is likely to be in the range of Rs 2.5 lakh crore. The state government is working to present a budget that will be at an all-time high in its size with several new schemes as it will be the last full-fledged one before the next elections in 2024.

According to the recommendations of the 15th Finance Commission, Odisha is entitled to get 4.528 per cent of the central taxes and duties. Out of the total state share, it has been estimated that Odisha will get Rs 14,803.42 crore from corporation tax, Rs 14,401.73 crore from income tax, Rs 14,955.45 crore from central GST, Rs 1,467.18 crore from customs, Rs 614.5 crore from union excise duty and Rs 9.28 crore from service tax.

Official sources maintained that in the last budget, the state share in central taxes and duties was estimated at Rs 36,978 crore. But in the revised estimate, the state share increased nearly by Rs 6,000 crore. The state government is hopeful that the share for 2023-24 is likely to increase compared to the budget estimate in the revised estimate.

Besides, the state share in central taxes, the government is hopeful that allocation for railway projects in Odisha will also increase considerably. The government has demanded an allocation of Rs 8,400 crore for the railways in Odisha. But the allocation is likely to be more than the demand as Union Finance Minister Nirmala Sitharaman on Wednesday announced the highest-ever outlay of Rs 2.40 lakh crore for the Indian Railways. 

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