Telangana has achieved a milestone in tax collection with a revenue of ₹13,703.92 crore in February, marking the highest tax revenue in recent times. The state witnessed consistent monthly tax revenues between ₹9,690 crore and ₹11,627 crore during the first ten months of the current fiscal year, except for August and December when the revenue was ₹12,729 crore and ₹12,609 crore, respectively. With one more month remaining in the financial year, the state’s total tax revenue has reached ₹1.24 lakh crore, which is approximately 81.41 percent of the projected ₹1.52 lakh crore in the budget estimates.
However, the impressive tax revenue growth has had little impact on the overall revenue receipts, which stood at ₹1.51 lakh crore by the end of February. This figure represents only 70.16 percent of the projected ₹2.16 lakh crore in the budget estimates for the current fiscal year. The revenue generated through Goods and Services Tax (GST) during the 11 months has been noteworthy, amounting to ₹42,441 crore, compared to the estimated ₹50,942 crore in the budget.
The state is close to reaching its target for State Excise duties, with ₹18,927 crore collected by the end of February, against the projected ₹19,884 crore for the fiscal year. Telangana has also surpassed the target for the State’s share of Union Taxes, receiving ₹14,955 crore, representing 102.94 percent of the estimated ₹14,528 crore. Additionally, revenue from other taxes and duties has been commendable, reaching ₹7,374 crore by the end of February, surpassing 80 percent of the fiscal year’s target.
However, one area where the state has fallen short is in receipts from Grants in Aid and Contributions, which amounted to only ₹6,955 crore, a mere 16.86 percent of the projected ₹41,259 crore, with only one month remaining in the financial year. Nevertheless, thanks to the spike in tax revenue, Telangana has managed to recover from a revenue deficit of ₹1,269 crore as of January, achieving a revenue surplus of ₹2,785 crore.
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