State Finance Minister Harish Rao said that the Telangana has stood top in tax collections in the country.He asked the Commercial Tax officials to achieve the revenue targets in the current financial year.
The Minister praised the officials for collecting the highest ever Rs 72,500 crore tax revenue in the last financial year.
Harish Rao on Sunday attended the brainstorming conference organised by the Commercial Tax Department here with a focus on increasing revenue sources.
He acknowledged the vital role played by the Commercial Taxes department in collecting funds to support these initiatives.
Consequently, the department has been given a budget target of Rs 85,413 crore for the ongoing year.
The Minister called upon all employees to work diligently for the advancement of the State and the nation.
The Finance Minister said Telangana ranked first in India in terms of its state-owned revenue growth rate over the past eight years.
He attributed this impressive growth to transparent governance, which has become synonymous with the State’s administration.He emphasised that Telangana stands as a zero cess-taking state from the Centre, underscoring its commitment to progressive taxation policies.
Telangana’s own tax revenues grow at a constant 10 per cent over last year
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.
