HYDERABAD: Bouncing back strongly from Covid-19 blues, the Regional Transport Authority (RTA) has registered an all-time record revenue of Rs 6,390 crore during the Financial Year (FY) 2022-23.
This is an increase of over Rs 2,300 crore compared to FY 2021-22, where it raked in Rs 3,977 crore. The main revenue sources for the RTA happen to be life taxes and quarterly taxes in addition to fees, services and detection charges.
RTA officials attributed the growth in revenue to an increase in life taxes. In May 2022, the State government enhanced the life tax on some categories of motor vehicles.
For three or four-wheeler motor vehicles, the life tax has been enhanced by up to 18% and for non-transport vehicles, by up to 19% at the time of registration.
As per the data provided by RTA, the life taxes collected during 2022-23 was Rs 4,670 crore, compared to Rs 2,896 crore in 2021-22. After life taxes, the quarterly tax was Rs 779 crore and user fee Rs 552 crore.
Surprisingly, after the increase in green taxes, it recorded a growth of 1,067 percent over last year i.e., from Rs 5.64 crore in 2021-22 to Rs 64.63 crore in 2022-23.
In 2019-20, the RTA generated Rs 3,515 crore. In the following FY, the revenue was Rs 3,228 crore, which was Rs 287 crore less than the previous year.
Usually, RTA revenue goes up each year as more vehicle registrations take place and this leads to the addition of higher life taxes and quarterly taxes. However, during the last two financial years, the revenue was not high due to the pandemic.