After registering the highest growth rate of 29% in the State’s own tax revenue in November, Telangana settled down to around 20% growth rate by December-end with one more quarter to go in the fiscal year 2018-19 to achieve its targeted revenue.
The State set a target of ₹77,514 crore for the year 2018-19 and achieved tax revenue of ₹49,203 crore till December-end but is hopeful of closing the year with an impressive revenue without significant shortfall. Of this, tax revenue is ₹46,985 crore and non-tax revenue from Mines and Geology is ₹2,218 crore.
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It is normal for the last quarter of the financial year to rake in maximum revenue and in the last financial year 2017-18, State earned a tax revenue of ₹17,876 crore in the last quarter alone while the achievement for the earlier three quarters was ₹41,014 crore.
The biggest windfall for the State so far is from the Stamps and Registration department which registered a whopping 61.45% growth indicating buoyancy in the real estate sector in Hyderabad and other parts of Telangana. While a target of ₹4,700 crore was set for the year, the State exceeded the target by December-end itself, earning a revenue of ₹4,745 crore.
Commercial Taxes revenue too saw a spike with a revenue of ₹32,208 crore till December against the target of ₹53,938 crore and registered a revenue growth of 16.83% that of previous year.
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CAG validates
The revenue growth rate of Telangana in own tax and non-tax revenue till November during the current fiscal 2018-19 over that of last year was also validated by the Comptroller and Auditor General. Its website noted that Rajasthan stood first in the country with 30.2% by earning ₹47,303 crore while Telangana registered 29.3% growth till November with ₹43,747 crore tax revenue.
Andhra Pradesh did not submit its figures as yet as the State has switched over to a new system of Comprehensive Finance Management System and is still being stabilised, according to sources.
One of the main objectives of CFMS, in addition to establishing a Single Source of Truth, is to promote efficiency and effectiveness in public financial management activities, sources said.
The other States which did well in own tax revenue growth are Uttar Pradesh with 28.1 per cent, Punjab with 21.3 per cent and Odisha with 17.4 per cent. Tamil Nadu and West Bengal registered 15.9 per cent, Maharashtra 12.6 per cent, Kerala 12.5 per cent, Gujarat 7.4 per cent.
Karnataka registered a negative growth of -11.8 per cent as its tax revenue till November, 2018-19 came down to Rs.53,508 crore from Rs.60,659 of the corresponding period of last financial year.