Telangana registers ₹1.67 lakh crore revenue till March end, 75.85% of ₹2.21 lakh cr projected for FY 2024-25
The Hindu
Telangana government's revenue receipts for 2024-25 reach ₹1.67 lakh crore, which is 75% of what was estimated.
The Telangana government has registered overall revenue receipts of ₹1.67 lakh crore during the financial year 2024-25. The revenue receipts, including capital receipts in the form of market borrowings to the tune of ₹48,322 crore, indicated that the State could achieve little over 75% target of the ₹2.21 lakh crore projected for the financial year.
The State had borrowed ₹64,456 crore till the end of February and reportedly repaid ₹16,134 crore in March, which includes settlement of ways and means advances, taking the total borrowings to ₹48,322 crore.
Tax revenues from all sectors, except for sales tax and State’s share of union taxes, remained around 80% of the projections in the budget estimates for the year. The State secured ₹19,149 crore through State’s share of Union Taxes against ₹18,384 crore projected in the budget estimates. Sales tax collection too was impressive at ₹31,815 crore, 95.12% of the ₹33,449 crore of the budget estimates, according to the preliminary report on the state accounts submitted to the Comptroller and Auditor General of India.
Revenue through Goods and Services Tax up to March was ₹50,343 crore, 85.92% of ₹58,594 crore of the budget estimates and that through State Excise duties was ₹18,603 crore (₹25,617 crore budget estimates) while that through other taxes and duties was ₹7,896 crore (₹10,111 crore budget estimates). Non tax revenue too was good at ₹23,607 crore, 67% of the ₹35,208 crore budget estimates but accruals through Grants in Aid and Contributions continued to bely expectations pegged at ₹7,913 crore, just 36.57% of the ₹21,636 crore of budget estimates.
On the expenditure front, payment of salaries and wages and pension continued to account for major chunk of spending followed by interest payment. The government incurred expenditure of ₹42,245 crore on payment of salaries/wages against ₹40,041 crore of budget estimates while the outgo on account of payment of pensions was ₹16,950 crore, 145% of the ₹11,641 crore projected in the budget estimates. Interest payment continued to be on the higher side at ₹26,688 crore, 150% of ₹17,729 crore.
The State reported revenue deficit of ₹8,782 crore at the end of March as against ₹297 crore revenue surplus of budget estimates and the fiscal deficit was at ₹48,322 crore against ₹49,255 crore. The primary deficit till March end was ₹21,633 crore significantly lower than ₹31,525 crore of the budget estimates.
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