Bhubaneswar: The State Cabinet on Tuesday took the decision to write off tax cases upto Rs 5000 under various Acts.
At the Cabinet meeting held under the chairmanship of Chief Minister Naveen Patnaik, it was decided that considering the impact of COVID-19 on the business and 34,332 arrear tax cases, arrear tax upto Rs 5,000 till the tax assessment period June 30, 2017 under OST Act, OAST Act, CST Act, OVAT Act and Odisha Entertainment Tax Act would be written off.
The Cabinet also approved a proposal to implement “Rejuvenating Watersheds for Agricultural Resilience through Innovative Development (REWARD)” project. It envisages an expenditure of Rs 500 crore on science-based watershed management for a period of six years starting from April, 2021. Out of this, World Bank will provide a loan assistance amounting to Rs 350 crore.
This would have a greater probability of generating higher yields, gross revenue, and net income. There will be 1 direct beneficiaries including 10,000 poor and landless households.
Following are other proposals approved by the Cabinet:
With the proposed amendment of the FRBM Act, the State Government
would be able to –
i. Avail additional fiscal deficit of 2% of GSDP during the financial year 2020-
21. This includes unconditional borrowing of 1% of GSDP and the balance
1% depending upon implementation of following four sectoral reforms,
each carrying weightage of 0.25%:
a. Implementation of One Nation One Ration Card System;
b. Ease of doing business reform;
c. Urban Local Body or Utility reforms; and
d. Power Sector reforms.
ii. carry forward unutilized borrowing ceilings availed during the financial
year 2020-21 to the next financial year,
iii. avail special borrowing under the Special Window towards the GST
Compensation Shortfall over and above the above relaxation, and
iv. avail additional fund in the forms of 50-year interest free loan under the
“Scheme for Special Assistance to States for Capital Expenditure” over and
above the above relaxation.
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