HYDERABAD: Telangana is expected to receive Rs 26,216.38 crore in tax devolution for financial year 2024–25 from the Union government, around Rs 3,000 crore more than Rs 23,216.52 crore it got in 2023–24.
The Union Budget 2024–25 presented by Union Finance Minister Nirmala Sitharaman estimated the distribution of net proceeds of Union taxes and duties. Out of the total Rs 12,47,211.28 crore devolution to all states, the Centre allocated 2.102 per cent (Rs 26,216.38 crore) to Telangana.
Of these, Telangana would receive Rs 7,872.25 crore in the form of corporation tax, Rs 9,066.56 crore as income tax, Rs 7,832.19 crore Central GST, 11,157.45 crore customs, Rs 243.98 union excise, Rs 0.86 crore service tax and Rs 43.09 crore in other taxes and duties. The Budget documents mentioned that during 2020–21 and 2021–22, the Union government released Rs 6,949.49 crore to Telangana as back-to-back loans in lieu of shortfall in GST compensation.