A Cabinet meeting, chaired by Chief Minister Naveen Patnaik, also approved two bills related to the State Goods and Service Tax (GST) and amendment to the Odisha Value Added Tax (VAT).
The state government will generate additional revenue of Rs 875 crore annually following the hike in electricity duty, said Civil Supplies and Consumer Affairs Minister Surya Narayan Patro.
The Odisha government has convened a two-day special assembly session from May 18 to discuss and pass the State GST Bill to switch over from the current system of levying multiple indirect taxes at the state and the central level.
"Post-GST implementation, there will be only three kinds of taxes -- central GST, state GST, and integrated GST. However, six goods, including five petroleum products and alcohol, will not be under GST purview for the time being," said Finance Secretary T.K. Pande.
The Cabinet also approved a proposal to procure 'moong dal' at Rs 52.25 per kg through Markfed. The state government will incur Rs 2 crore on Value Added Tax waiver on the pulse.
In order to facilitate development of rail infrastructure, the state government has remitted stamp duty and registration fees for execution of lease deeds in 11 ongoing railway projects in Odisha.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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