Telangana’s tax collections shoot up by 44 per cent
Hyderabad: Telangana has hit the ball out of stadium once again, in terms of State-owned tax revenue (SOTR) collections in 2021-22. Notwithstanding the adverse impact of second and third waves of Covid-19, the State has not only surpassed last fiscal’s entire revenue collections, but increased it’s tax revenue by a whopping 44 per cent by […]
Hyderabad: Telangana has hit the ball out of stadium once again, in terms of State-owned tax revenue (SOTR) collections in 2021-22. Notwithstanding the adverse impact of second and third waves of Covid-19, the State has not only surpassed last fiscal’s entire revenue collections, but increased it’s tax revenue by a whopping 44 per cent by February 2022 itself.
As per the latest data released by the Finance department at the end of the financial year of 2021-22, Telangana collected a massive Rs 98,199 crore at the end of February. This is Rs 30,236 crore more than the entire tax revenue of Rs 67,963 crore collected during the fiscal of 2020-21. Thus, the monthly average revenue has increased by Rs 2,500 crore.
“We are yet to get the final statistics pertaining to taxes collected during March 2022. Considering the rise in the monthly collections compared to last financial year, we are most likely to surpass Rs 1 lakh crore mark of the SOTR by the end of March 2022, without much difficulty,” an official of the Finance department told Telangana Today.
Meanwhile, Telangana received a total Rs 18,721 crore towards its share in the Central taxes for the financial year 2021-22. As against an estimated Rs 13,900 crore, the State received Rs 15,926 crore from the Centre towards its share in the Central taxes due to increased tax collections and improved tax next. Further, Telangana also received nearly Rs 2,000 crore towards additional funds apart from another Rs 796 crore released towards funds pending from the Centre with regard to 2017-18.
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