27-12-22 Daily-Odisha-OPSC Current Affairs

The started preparations for the 2023-24 budget with Finance minister Niranjan Pujari presiding over a consultation meeting. As the state economy is on a path of recovery after the Covid pandemic, the size of the budget is likely to be 10 per cent more than the previous year. The government had presented a budget of `2 lakh crore for 2022-23. The budget is likely to be the last before the 2024 Elections and a major portion of the funds will be allocated for a large number of welfare measures announced by the state government.

Official sources maintained with the state maintaining a robust Growth rate of over 6.5 per cent and tax collection remaining satisfactory, the size of the budget will be definitely more than the previous year. The state government has already started the official preparation of a budget and a decision will be taken in this regard.

As the state budget will be placed after the central budget, things will be much clear on it in the first week of February. The state government will no longer have to anticipate the size of the central share and other assistance, he said, adding it will be much easier to prepare the budget.

Govt had presented budget of `2lakh crore in 2022-23
The 2023-24 budget will be the last before next elections
Former finance ministers Stress income from tourism
Major portion of funds to be allocated for govts welfare schemes

Kolkata Metro RAILWAY Corporation has taken up the difficult take of making the tunnel with the help of German machines and the best experts. Work inside the tunnel is still in progress.

As far as the cost of construction of the underground metro is concerned, it costs about Rs 120 crore per kilometre to build the tunnel but the manufacturing cost of the tunnel underwater, which is deep in the Hooghly river costs increased to around 157 crores by per kilometre.

According to a government announcement, Indias goods and Services tax receipts increased 15% year over year in December to Rs 1.49 lakh crore ($18.07 billion), suggesting robust economic activity throughout the holiday season. In November, revenue from goods and services taxes totaled Rs. 1.46 lakh crore.

The total amount of GST revenue collected in December 2022 was Rs 1,49,507 crore, of which the CGST portion was Rs 26,711 crore, the SGST portion was Rs 33,357 crore, the IGST portion was Rs 78,434 crore (including Rs 40,263 crore from the collection of GST on goods imported), and the Cess portion was Rs 11,005 crore (including Rs 850 crore collected on import of goods).

The government made a regular settlement of Rs 36,669 crore to CGST and Rs 31,094 crore to SGST from IGST.