Telangana’s GST revenue rises sharply by Rs 131.03 crore from Rs 287.86 crore in 2018-19 to Rs 418.89 crore in 2022-23
Release Date – 07:00 AM, Tue – 20 June 23
Hyderabad: Telangana is emerging as a powerful economic force in the country, achieving significant growth in a short period of time. This is evident from the fact that the state has achieved a 69% increase in Goods and Services Tax (GST) collections in less than four years.
According to the latest report submitted to the Comptroller and Auditor-General (CAG), Telangana’s GST revenue increased significantly from Rs 28,786 crore in 2018-19 to Rs 4,188.9 crore in 2022-23. 131.03 crore rupees.
Despite the global financial challenges posed by the COVID-19 pandemic, Telangana has managed to maintain the positive trend in GST collection. In fiscal year 2018-19, when GST was introduced by the Center, Telangana received Rs 28,786 crore GST revenue which was 84% of the budget estimate of Rs 34,232 crore. While the entire world reeled from the adverse effects of the pandemic, Telangana continued its growth trajectory in the ensuing years, even during the lockdown.
In 2019-20, the projected revenue was Rs 311.86 crore while Telangana managed to raise Rs 280.53 crore, 90% of the budget estimate. Revenue for 2020-21 was Rs 25,905 crore against a projected revenue of Rs 3,267.1 crore, 80% of the budget estimate. In 2021-22, the state estimated Rs 355.2 crore and managed Rs 344.89 crore, 97% of the estimated budget.
Similarly, for 2022-23, the estimated revenue is Rs 42,189 crore and Telangana’s revenue is Rs 4,188.9 crore, which is 99% of the budget estimate.
The continued increase in GST collection in Telangana can be attributed to the strong financial planning and policies implemented by the K Chandrashekhar Rao government. The state has undergone significant changes over the past nine years, with improved finances and increased purchasing power for its citizens. As a result, the business sector continued to thrive, contributing to the surge in GST revenue, officials noted.
Despite challenges from the Modi government at the centre, Telangana has managed to gain a foothold and emerge as an economic force. With a sound economic strategy and efficient use of financial resources, the country has become a model for other countries.
The business tax sector has played a key role in achieving these impressive results. Various reforms, including creating new circles, clarifying targets at all levels and eliminating manual notices and procedures, have contributed to a significant increase in tax revenue, officials said.
Telangana’s stellar performance has drawn the attention of other states such as Gujarat and Uttar Pradesh to study reforms implemented by the business tax department. The state’s proactive approach to financial planning and reforms paved the way for continued growth and established Telangana as a model for other states to emulate.
