With festive season yet to come Bengal’s excise collection has already crossed 40% of target

With the festive seasons of Durga Puja, Kali Puja and Diwali but to reach, West Bengal state excise assortment has already crossed 40 per cent of the focused assortment below this head as per the funds estimates for the present monetary 12 months 2023-24. Sources from the state finance division stated that the gathering below this head until the start of October has nearly touched Rs 7,000 crore, which is a bit over the focused state excise assortment of Rs 17,921.56 crore as per the funds estimates for 2023-24. “The following 4 months are anticipated to be the increase interval within the matter contemplating the extended pageant seasons beginning with Durga Puja adopted by Kali Puja, Diwali and eventually Christmas and New Yr celebrations. So if the circulation continues, it may be confidently stated that the focused assortment below this head will properly surpass the projected within the funds estimates by the tip of the present monetary 12 months,” stated a senior officer of the state finance division.

As per the funds estimates for the monetary 12 months of 2023-24, the state excise assortment is slated to rise to Rs 17,921.56 crore, up by 19.41 per cent from the determine of Rs 15,001.39 crore as per the revised estimates for the monetary 12 months of 2022-23. Whereas, the whole state’s personal tax income as per the funds estimates for 2023-24 is slated to extend by simply 12.69 per cent to Rs 88,595.54 crore from the determine of Rs 79,5000 crore as per the revised estimates for 2022-23.

One other vital issue on this depend is that in 2023-24, state excise, which is simply one of many 12 parts state’s personal tax income, will contribute 20.22 per cent of the whole tax kitty. In keeping with a current discovering, West Bengal is likely one of the 4 Indian states the place election contributes to over 20 per cent state’s personal tax income.

Whereas the state authorities has causes to cheer concerning the skyrocketing excise assortment, economists really feel that such “excise-driven finance” just isn’t a really wholesome signal for the state’s common economic system.