Telangana’s own tax revenues grow at a constant 10 per cent over last year
HYDERABAD: Telangana’s own tax revenue growth has remained constant at around 10% in April 2023, compared to April 2022. The revenue growth is encouraging and indicates that the State will meet most of its requirements on its own.
According to official sources, the growth of revenue was on expected lines in April, the first month of the financial year. Telangana’s Goods and Services Tax (GST) collections contributed much to maintaining the growth rate of the State’s own revenues.
Starting of new industries and other factors contributed much in the increase of GST collections in the first month of FY 2023-24. SGST collections stood at Rs 1,800 crore in April 2023-24 an increase of almost 12% over SGST collections in April 2022-23 which was Rs 1,662 crore.
Revenue from motor vehicle taxes and others from the Transport department stood at around Rs 600 crore in April this year. Revenue from the Stamps and Registration was around Rs 1,000 crore. It may be mentioned here that the State witnessed around 90% increase in its own revenue collections when compared to 2014-15.