Telangana registers 18 per cent growth in GST collections
Hyderabad: Less than a week before Telangana introduces its budget for 2022-23 in the Assembly on March 7, the GST revenue in the State presented a promising picture with an impressive 18 per cent growth in 2021-22 at the end of February. The State’s cumulative GST collections stood at Rs 28,987.39 crore as on February […]
Hyderabad: Less than a week before Telangana introduces its budget for 2022-23 in the Assembly on March 7, the GST revenue in the State presented a promising picture with an impressive 18 per cent growth in 2021-22 at the end of February. The State’s cumulative GST collections stood at Rs 28,987.39 crore as on February 28 this fiscal against Rs 24,583.27 crore for the corresponding period in the financial year of 2020-21.
As per the latest GST collections report published by the union Finance Ministry, Telangana gained GST revenue of Rs 4,113 crore in February month of the current financial year which is highest monthly GST collection during the entire fiscal. Further, the State recorded a 13 per cent growth over Rs 3,636 crore collected in February last year.
February, being a 28-day month, normally witnesses less revenue than that in January. But Telangana along with other States in the country, reported high growth during February 2022, despite the Covid-19 pandemic and related restrictions. The State’s GST revenue in February this year was one per cent higher than the national GST revenue when compared to February last year.
The revenues of Telangana State took a severe hit from March 2020 to June 2021 due to Covid-19 pandemic and subsequent lockdowns. With economic activities resuming, the revenue collections bounced back since July 2021 and increased significantly from July 2021 to February 2022.
Telangana’s growth rate has been consistently higher. As per a recent RBI report, Telangana has emerged as the fourth largest contributor to India’s GDP in 2021-22. The State registered Gross State Domestic Product (GSDP) of Rs 11,54,860 crore in 2021-22, recording a whopping 19.1 per cent growth over the previous financial year at current prices as on February, 2022.
At constant (2011-12) prices, the State achieved a sharp increase of 14.7 per cent in growth rate of GSDP from minus 3.5 per cent in 2020-21 to 11.2 per cent in 2021-22. This is not only highest among the States which published the GSDP growth at constant prices this year, but also 2.3 percentage points higher the country’s GDP. In the process, the State has also ensured the Per Capita Income (PCI) of Rs 2,78,833 that is 18.78 per cent higher over the previous fiscal at the end of February, 2022.
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