Sub-Sahara Mining & Industrial Journal
Mining News World

Mining sector boosts State’s nontax revenue

The State has recorded a nearly 50.70% growth in nontax revenue till May 2022 due to a robust increase in the mining sector revenue.

The mineral sector collection by May 2022 was Rs 8,196.18 crore as against Rs 5,768.77 crore during the corresponding period last year, as per a report on fiscal performance of the State till May 2022.

The collection of revenue from nonferrous mining and metallurgical industries has increased by 42.08% till May 2022.

While during the 2022-23 Budget Estimate for mineral revenue generation had been targeted at Rs 43,444 crore, by May 31, the State collected Rs 8196.18 crore from nonferrous mining and metallurgical sector, said a senior official in the Department of Steel & Mines.

In view of Covid-19, the mining revenue collection till May of 2020-21 was only Rs 746.70 crore, which was increased by 672.57% to Rs 5,768.77 crore during the same period of 2021-22. The collection again rose by 42.08% during the current fiscal year.

The State has collected Rs 4,438.79 crore from the mining activities during May alone. The mining revenue continues to register a robust growth with the market price of iron ore and other minerals skyrocketing.

The State has collected non-tax revenue of Rs 9,252.67 crore till May of the current financial year, which is 50.79% more than the collection last year.

During 2021-22, the actual collection from the nonferrous mining and metallurgical industries was Rs 48,641.77 crore. Keeping in view the achievement during last year, the Government kept the target at Rs 43,444 crore.

Notably, the Government had earned revenue of Rs 13,604.89 crore from the mineral sector during the 2020-21 despite the Covid-19 pandemic.

The total own tax and non-tax revenue collection recorded a growth of 38.76% till May this year. The State has collected Rs 15,950.94 crore till May this year while the total revenue collection was Rs 11,495.74 crore till May of last fiscal.

The own tax revenue collection was Rs 6,698.27 crore till May of 2022-23 against that of Rs 5,359.46 crore till May of 2021-22.

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