Good start by Directorate of Geology and Mining, Assam
The Directorate of Geology and Mining, one of the most revenue-earning entities in Assam, got off to a flying start by collecting Rs 890.69 crore in revenue in the first quarter (April-June) of the financial year, 2023-24.
Collected over Rs 890 crore revenue in Q1 of 2023-24
GUWAHATI: The Directorate of Geology and Mining, one of the most revenue-earning entities in Assam, got off to a flying start by collecting Rs 890.69 crore in revenue in the first quarter (April-June) of the financial year, 2023-24. The amount includes a royalty of Rs 881.32 crore from petroleum products.
According to sources in the Directorate, it could collect Rs 4121.3650 crore in revenue in the financial year 2022-23. The Directorate collects the highest revenue from petroleum products, which yielded revenue of Rs 4088.86 crore in fiscal 2022-23. That was the highest-ever revenue collection by the Directorate since its inception. The State Government has set a revenue collection target of over Rs. 5,000 crore for the Directorate in fiscal 2023-24. Though it is difficult to predict whether the Directorate can achieve the target, the Directorate has got off to a flying start with the collection of Rs. 890.69 crore in the first three months (first quarter) of the current financial year.
According to sources in the Directorate, it collected Rs. 303.34 crore in April, including Rs. 298.55 crore in royalty from petroleum products; Rs. 304.01 crore in May, including Rs. 301.47 crore in royalty from petroleum products; and Rs. 283.35 crore in June, including Rs. 281.30 crore in royalty from petroleum products in the current financial year. The Directorate collected Rs. 6.83 crore in revenue from coal and lignite and Rs. 2.54 crore in revenue from limestone and other minerals in the current fiscal.
The Directorate comes under the Department of Mines and Minerals.
Speaking to The Sentinel, Mines and Minerals Minister Jogen Mohan said, "We have asked the Directorate to see if the state has more mineral reserves, and if so, it needs to explore them. We have also asked the department to see if there is any revenue leakage, and if so, to plug it."
For Assam, petroleum products are the cash cow insofar as revenue earning is concerned, and the state gets the bulk of this revenue from Oil India Ltd. (OIL).