Telangana registers highest tax revenue of Rs. 13,703 cr during February

Telangana has registered tax revenue of Rs.13,703.92 crore in the month of February making it the highest tax collection in a month in the recent times.

But for August and December, the monthly tax revenue was between Rs.9,690 crore and Rs.11,627 crore during the first 10 months of the current fiscal. Tax revenue during August was Rs.12,729 crore and that in December was Rs.12,609 crore. The State registered tax revenue of Rs.1.24 lakh crore at the end of February, 81.41 percent of the Rs.1.52 lakh crore projected in the budget estimates with one more month to go for the conclusion of the financial year.

The spike in the tax revenue, however, has little impact on the growth in overall revenue receipts which stood at Rs.1.51 lakh crore at the end of February. This is just 70.16 percent of the Rs.2.16 lakh crore revenue projected in the budget estimates for the current fiscal. Revenue through Goods and Services Tax during the 11 months has been impressive at Rs.42,441 crore against Rs.50,942 crore of budget estimates.

The State is on the verge of reaching the target of State Excise duties which reached Rs.18,927 crore at the end of February against Rs.19,884 crore projected for the fiscal. The State has exceeded the target in terms of the State’s share of Union Taxes which stood at Rs.14,955 crore, 102.94 per cent of Rs.14,528 crore estimated for the fiscal. Revenue through other taxes and duties too has been impressive at Rs.7,374 crore at February end against Rs.9,131 crore, crossing 80 percent of the target set for the fiscal.

One area where the State has been lagging is receipts in the form of Grants in Aid and Contributions which were pegged at Rs.6,955 crore, a mere 16.86 percent of the Rs.41,259 crore projected with just one month left for the completion of the financial year. Thanks to the spike in tax revenue, the State has recovered from a revenue deficit of Rs.1,269 crore till January end to become revenue surplus of Rs.2,785 crore.

Source: The Hindu