Telangana sees robust rise in tax revenue
Records Rs 1.33 lakh crore in first seven months of 2023-24 fiscal, as per CAG
Hyderabad: In an encouraging fiscal performance, Telangana recorded tax revenue of Rs 1.33 lakh crore within the first seven months of financial year 2023-24.
While Goods and Services Tax (GST) emerged as a major contributor to the State revenues, the State’s own tax revenues also improved the finances significantly. From just Rs 22,300 crore in the first seven months of the first financial year (2014-15) after State formation, the total tax revenue shot up by Rs 1,10,874 crore in Telangana.
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As per the latest report by the Comptroller and Auditor General of India (CAG), Telangana outshined its larger counterparts across the nation. Against the budget estimates of total revenue at Rs 2,59,862 crore for the current fiscal, Telangana raked in an impressive Rs 1,33,174 crore within the first seven months (April to October) and realised a substantial 51.25 per cent of the budget estimates.
During the first seven months of the previous fiscal of 2022-23, Telangana secured Rs 1,05,187 crore. Thus, the State recorded a robust increase of Rs 27,987 crore compared to the corresponding period last year.
GST stood out as a major contributor, with Rs 26,408 crore already collected in the first seven months, against the estimated Rs 50,942 crore for the entire fiscal year. During the previous fiscal, the GST collections in first seven months were Rs 23,493 crore. Since the introduction of GST in 2018-19 when the State’s revenue stood at Rs 16,429 crore, Telangana witnessed a substantial increase by Rs 9,979 crore in the last five years.
However, the CAG report also ascertained the Centre’s alleged discrimination towards Telangana in allocation of funds. Despite the State estimating Rs 41,259 crore from the Centre in the form of grant-in-aid, only Rs 3,835 crore (9 percent) has been disbursed by the Centre till October this year.
Even during the previous fiscal, Telangana received only Rs 5,592 crore of total estimate of Rs 41,001 crore in grants-in-aid.
The State-owned tax revenue also increased significantly with the Stamps and Registrations realising Rs 8,227 crore against the budget estimate of Rs 18,500 crore. The State earned Rs 13,695 crore through excise tax against estimate of Rs 19,884 crore.
