Telangana’s Revenue Growth Lowest in 4 years
Telangana's state income increased at the slowest rate in four years during the fiscal year 2023-24. The state's revenue increased by just Rs 9,740 crore over the previous fiscal year. This compares to a rise in income of Rs 27,566 crore in 2021-22 and Rs 31,881 crore in 2022-23. Despite a large increase in income receipts, telangana has failed its yearly revenue target by roughly 22% for 2023-24.
The State's income receipts were Rs 1.69 lakh crore, falling short of the Rs 2.16 lakh crore projection. This is despite a Rs 9,740 crore rise over the previous fiscal year's income of Rs 1.59 lakh crore, compared to the expected objective of Rs 1.93 lakh crore.
According to the most recent statistics presented by the State government to the Comptroller and Auditor General (CAG), telangana earned Rs 2.18 lakh crore in total, compared to the budget projection of Rs 2.59 lakh crore. income collections were Rs 1.69 lakh crore, which included Rs 1.35 lakh crore from tax income, Rs 23,819 crore from non-tax revenue, and Rs 9,729 crore from grants-in-aid.
GST came out as a key contributor, collecting Rs 46,500 crore versus a projected Rs 50,942 crore for the fiscal year. The state government collected Rs 29,989 crore in sales tax, compared to the budget forecast of Rs 39,500 crore.
GST came out as a key contributor, collecting Rs 46,500 crore versus a projected Rs 50,942 crore for the fiscal year. The state government collected Rs 29,989 crore in sales tax, compared to the budget forecast of Rs 39,500 crore.
The State Excise Duty exceeded expectations, producing Rs 20,298 crore versus a goal of Rs 19,884 crore. Stamps and Registration revenue was Rs 14,295 crore, less than the projected Rs 18,500 crore.
The state's portion of union taxes surpassed budget forecasts, totaling Rs 16,536 crore versus a target of Rs 14,528 crore. The State received an additional Rs 49,476 crore in capital receipts, including Rs 49,440 crore in market borrowings, the most in the previous five fiscal years.
The state's portion of union taxes surpassed budget forecasts, totaling Rs 16,536 crore versus a target of Rs 14,528 crore. The State received an additional Rs 49,476 crore in capital receipts, including Rs 49,440 crore in market borrowings, the most in the previous five fiscal years.