Patna: Sharp fall in the sale of petroleum products and vehicles have threatened revenue collection in Bihar in the ongoing financial year, Deputy Chief Minister Sushil Kumar Modi said on Monday.
"This can cause economic recession," Modi was quoted by official sources to have told a meeting of state VAT Advisory committee here.
Though Bihar has succeeded in maintaining 27 per cent growth rate, the drop in the sale of petroleum products along with two and four wheeler vehicles was a cause of concern, he said.
Modi, who is also the state`s finance minister, said that out of the targetted Rs 11,000 crore revenue collection in 2012-13 only Rs 5840 crore could be mobilised till November, an official release said.
However, due to computerisation and round-the-clock operation of five checkposts the revenue collection process had become more efficient.
Stressing on greater use of IT in finance sector, he said almost 95 per cent of the businessmen were making e-payments and there has been significant progress in the matter of e-returns too.