Post Date: Post Date – 12:10 AM, Tuesday – Nov 8
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Hyderabad: Telangana has managed to maintain its revenue growth trajectory despite the severe economic crisis facing several states and despite the centre denying its fair share of funding. The state’s revenue for the first half of fiscal 2022-23 increased by 39% compared to the previous fiscal year. Total state revenue, including tax and capital income, stood at Rs 73,767 crore at the end of September, up sharply from Rs 53,109 crore in the first half of the previous fiscal.
According to budget estimates for 2022-23, the state government is aiming to accumulate Rs 1.93 billion in gross revenue to cover expenses. Of this, Rs 73,767.13 crore has been achieved in the first six months. The last three months of the fiscal year have traditionally been more taxable, and officials are confident they will hit the target by the end of the fiscal year, given the increase.
Of the total income as at end-September, tax was Rs 59,859.25 crore and capital income including borrowings and other liabilities was Rs 21,784.65 crore. Non-tax income was Rs 840.026 crore.
Revenue through Goods and Services Tax (GST) stood at Rs 19,593 crore, according to provisional data submitted to the Comptroller and Auditor General of India. According to the latest information, the GST levy in Telangana in October this year stood at Rs 4,284 crore compared to Rs 3,854 crore in October of the previous fiscal, an increase of 11%. New York State’s GST collection continued to increase by more than 10% this fiscal year compared to the previous fiscal year.
Revenue collected through stamp duty and registration was Rs 7,212.73 crore and sales tax was Rs 14,953.81 crore. Income through seal and registration was due to increased property transactions and an increase in the registered value of properties. Revenues from state excise taxes have also increased as the state government has raised prices for all categories of alcohol.
While the state’s share of central tax revenue was Rs 5,087 crore, the state excise tax amounted to Rs 8,899 crore. Receipts from aid and endowment grants remained at Rs 5,507.62 crore, showing the Centre’s discrimination against the state, which received Rs 4,112 crore from other taxes and duties.
In terms of revenue expenditure, the state government spent Rs 77,256.71 crore, including Rs 1,010,047 crore in interest payments, Rs 1,882,907 crore in wage/salary payments, Rs 9,093.7 crore in pension payments and another Rs 4,834,540 crore in subsidies. Higher payouts to pay salaries/wages and superannuation were attributable to the implementation of the Compensation Revision Committee recommendations from June this financial year. Capital expenditure was Rs 7,866.62 crore.
