Telangana’s revenue growth lowest in 4 years

Records increase of just Rs 9,740 crore over previous fiscal

Hyderabad: The 2023-24 financial year has marked Telangana‘s lowest annual increase in State revenue in the last four years. The State recorded an increase of just Rs 9,740 crore compared to the previous fiscal.

This is against the increase in revenue by Rs 27,566 crore in 2021-22 and by Rs 31,881 crore in 2022-23. Despite a significant rise in revenue receipts, Telangana has also missed its annual revenue target by nearly 22 per cent for 2023-24.

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The State recorded revenue receipts of Rs 1.69 lakh crore, falling short of the Rs 2.16 lakh crore target. This comes despite the Rs 9,740 crore increase over the previous fiscal year’s revenue of Rs 1.59 lakh crore against that year’s estimated target of Rs 1.93 lakh crore.

The 2023-24 fiscal’s revenue increase is the lowest in the last four years, since in 2020-21, plagued by the economic crisis triggered by the Covid-19 pandemic and subsequent lockdowns, the State’s revenue had actually dipped by Rs 2,641 crore compared to the previous financial year.

As per the latest data submitted by the State government to the Comptroller and Auditor General (CAG), Telangana raked in Rs 2.18 lakh crore in total earnings against the Budget estimates of Rs 2.59 lakh crore. Of these, revenue receipts accounted for Rs 1.69 lakh crore, including Rs 1.35 lakh crore from tax revenue, Rs 23,819 crore from non-tax revenue and another Rs 9,729 crore through Grants-in-aid.

GST stood out as a major contributor, with Rs 46,500 crore collected against the estimated Rs 50,942 crore for the entire fiscal. The State government realised Rs 29,989 crore through sales tax against the Budget estimate of Rs 39,500 crore.

The State Excise Duties surpassed expectations, generating Rs 20,298 crore against a target of Rs 19,884 crore. Revenue from Stamps and Registration was Rs 14,295 crore, below the estimated Rs 18,500 crore.

The State’s share in union Taxes exceeded Budget estimates, bringing in Rs 16,536 crore compared to a target of Rs 14,528 crore. Through capital receipts, the State garnered another Rs 49,476 crore, including Rs 49,440 crore of market borrowings, which is the highest in the last five financial years.