Telangana records 39 per cent growth in revenue receipts for first half of 2022-23

Hyderabad: Even as several States have a grim economic crisis staring at them, and despite the Centre denying its rightful share of funds, Telangana is managing to keep up the growth trajectory of its revenues. The State has registered a 39 percent growth in revenue receipts in the first half of the current financial year […]

Hyderabad: Even as several States have a grim economic crisis staring at them, and despite the Centre denying its rightful share of funds, Telangana is managing to keep up the growth trajectory of its revenues. The State has registered a 39 percent growth in revenue receipts in the first half of the current financial year of 2022-23 compared to the last fiscal. The total revenue receipts of the State including tax revenue and capital receipts, are pegged at Rs 73,767 crore at the end of September, a major climb from the Rs 53,109 crore recorded during the first half of the last financial year.

As per the budget estimates for 2022-23, the State government had targeted to accrue total revenue receipts of Rs 1.93 lakh crore to meet expenses. Of this, Rs 73,767.13 crore have been realised within the first six months. Traditionally, the tax revenue receipts are more in the last three months of the financial year and considering the increased tax revenue, the officials are confident of reaching the target by the end of the financial year.

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Of the total revenue receipts till September end, tax revenue stood at Rs 59,859.25 crore and capital receipts including borrowings and other liabilities, were at Rs 21,784.65 crore. The non-tax revenue was Rs 8400.26 crore.

According to provisional data submitted to the Comptroller and Auditor General of India, the revenue through Goods and Services Tax (GST) was Rs 19,593 crore. As per the latest information, the GST collections of Telangana stood at Rs 4,284 crore during October this year against Rs 3,854 crore during October last fiscal, recording a 11 per cent growth. The State has been recording a consistent growth of over 10 per cent during this fiscal in terms of GST collections compared to the last financial year.

The revenue collections through the Stamps and Registration was Rs 7,212.73 crore, and sales tax was Rs 14,953.81 crore. Revenue earned through the Stamps and Registrations is due to the increased property transactions as well as hiked registration value of properties. There was a rise in revenue through State Excise Duties as well since the State government hiked prices of all categories of liquor.

While the State’s share in Central taxes was Rs 5,087 crore, the State Excise Duties reached Rs 8,899 crore. The income from Grants in Aid and Contribution remained at Rs 5,507.62 crore, indicating the Centre’s discrimination towards the State which realised Rs 4,112 crore from other taxes and duties.

In terms of revenue expenditure, the State government spent Rs 77256.71 crore, which includes interest payment at Rs 10,100.47 crore, payment of salaries/wages at Rs 18,829.07 crore, payment of pensions at Rs 9,093.7 crore, and another Rs 4834.54 crore towards subsidy. The higher expenditure on account of payment of salaries/wages and pensions has been attributed to implementation of the recommendations of the Pay Revision Commission starting from June for the current financial year. The capital expenditure stood at Rs 7866.62 crore.