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Telangana revenue swells
A surge in revenue collection in the first two months of 2016-17 financial year has given a big boost to the crisis-ridden Telangana State government. The Finance Department has undertaken a first-of-its-kind impact study on tax collections to prepare a roadmap for achieving more than 100 per cent of the revenue target set in the current financial year.
Hyderabad: A surge in revenue collection in the first two months of 2016-17 financial year has given a big boost to the crisis-ridden Telangana State government. The Finance Department has undertaken a first-of-its-kind impact study on tax collections to prepare a roadmap for achieving more than 100 per cent of the revenue target set in the current financial year.
The TS government plans to generate Rs 1,00,924 crore revenue receipts which includes tax, non-tax revenues and central share. The Finance Department has fixed Rs 54,869 crore as state taxes, Rs 17,542 crore as non-tax revenue, Rs 14,557 crore as grant-in-aid, share of central taxes and dues at Rs 13,955 crore. In 2015-16 financial year, government achieved nearly 80 per cent of the tax collections out of the Rs 79,312 crore target in the revised budget.
A senior official of the Finance Department told The Hans India that 27.45 per cent revenue growth registered in the first two months of this year has given an indication that state would overcome financial trouble in the next 10 months.
In the April and May, Rs 7,687 crore revenue was generated in two months as against Rs 6,031 crore last year from commercial taxes, excise, stamps and registration, sales, transport and mining departments.
The Stamps and Registration Department registered 64 per cent growth following the revival of the realty trade in the state. Excise revenue has increased to 120 per cent, luxury taxes has gone up to 36 per cent and sales taxes increased by 17 per cent.
Based on the financial improvement, the Finance Department has taken up a study on how tax collections could be improved to meet the financial requirements for the implementation of irrigation, welfare and other development programmes this year.
The revenue generating Excise and Prohibition, Stamps and Registrations, Commercial Taxes, Transport and Mining departments have been asked to submit a detailed report on the existing system adopted for tax collections and forward new proposals to increase the collections.
Officials said that the revival of the realty boom in all urban areas following creation of new districts, increasing petroleum prices from where 30% of VAT collected, excise and commercial tax collections and revenues from transport and mining depts have been taken as key indicators to achieve the targets.
After the study, the Finance Department in coordination with all revenue generating departments would prepare an action plan to realise the targets. The CM is expected to hold a high-level meeting after the study report is finalised.
By: Patan Afzal Babu
