Telangana has registered tax revenue of ₹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 ₹9,690 crore and ₹11,627 crore during the first 10 months of the current fiscal. Tax revenue during August was ₹12,729 crore and that in December was ₹12,609 crore. The State registered tax revenue of ₹1.24 lakh crore at the end of February, 81.41 percent of the ₹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 ₹1.51 lakh crore at the end of February. This is just 70.16 percent of the ₹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 ₹42,441 crore against ₹50,942 crore of budget estimates.
The State is on the verge of reaching the target of State Excise duties which reached ₹18,927 crore at the end of February against ₹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 ₹14,955 crore, 102.94 per cent of ₹14,528 crore estimated for the fiscal. Revenue through other taxes and duties too has been impressive at ₹7,374 crore at February end against ₹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 ₹6,955 crore, a mere 16.86 percent of the ₹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 ₹1,269 crore till January end to become revenue surplus of ₹2,785 crore.
