HYDERABAD: The State Own Tax Revenue (SOTR) has been steadily increasing and the developmental commitments can be met through SOTR, according to the Telangana Socio Economic Outlook-2023.
The Public Finance chapter in the Socio Economic Outlook, which was tabled in the Assembly on Monday, says: “Beginning March 2020, the State saw a decrease in revenue in key taxes due to Covid-19.
Following a decline in revenues in 2020-21, revenue recovery was observed in all of the major individual taxes that comprise SOTR - sales tax (VAT), State Goods and Services tax (SGST), Stamps and Registration fees, motor vehicle tax and excise in both 2021-22 and 2022-23.” The Socioeconomic Outlook says that the State’s fiscal health has improved after a decline in 2020-21, and the economy has recovered, resulting inhigher revenue collections in 2021-22 and 2022-23.
“Due to the cut imposed on market borrowing and the shortfall in grants from the Centre, there is severe strain on the State finances.
Given the looming threat of global recession disrupting economic growth, additional resource mobilisation might be a challenge. However, there is room for optimism as the State is on the way to meet its budgetary own tax revenue target for 2022-23, which enables the government to meet its developmental commitments,” the Socio Economic Outlook stated.
Highest & Lowest
Rangareddy topped with the per capita income of Rs 4,18,964 among all the districts
Vikarabad’s per capita income of Rs 78,032 is the lowest among the 33 districts in the State
Hyderabad’s per capita income is Rs 2,22471
KEY STATS
SOTR revenue increased by 48% in the first quarter of 2022-23 compared to the same period the
previous year
SOTR revenue increased by 14% in the second quarter of 2022-23 and 11% in the third quarter of 2022-23 compared to the same period the previous year
SOTR average monthly receipts rose in 2022-2023 (April to Dec) to Rs 8,804 crore compared to the same period of the previous year which is Rs 7,226 crore
GSDP
In 2022-23, Telangana’s Gross State Domestic Product (GSDP) at current prices was Rs 13.27 lakh crore. Telangana’s GSDP at current prices increased by 15.6% in 2022-23
Per capita income
In 2022-23, the per capita income (PCI) at current prices in Telangana was
Rs 3.17 lakh, which is Rs 1.46 lakh higher than the national per capita income in 2022-23 (Rs 1.71 lakh)
Income to be doubled
Based on the Compound Annual Growth Rate (CAGR) of PCI at current prices for Telangana and India for 2014-15 to 2022-23, the average citizen in Telangana can expect his/her income to double in roughly
5 to 6 years, whereas the average citizen in the country as a whole would have to wait for about 8 to 9 years for their income to double