Hyderabad: In a shocking development, Telangana State Chief Minister K.Chandrasekhar Rao reiterated the other day at the 'Pragathi Nivedana Sabha’, has been registering impressive revenue growth continuously and its revenue growth touched 20.72% till August this year over that of the corresponding period in the last fiscal.
The revenue earned by the State under GST and also from petrol and liquor till August this fiscal was Rs.18,520.72 crore, including Rs.8,161.63 crore from petrol and liquor. Last year the revenue collection till August was Rs.15,341.25 crore, including Rs.6,448.93 crore from petrol and liquor.
For the month of August 2018, State earned a total revenue of Rs.3,676 crore, including State Goods and Service Tax (SGST), Integrated Goods and Service Tax (IGST) and others and Value Added Tax on petrol and liquor.
The VAT earned on petrol and liquor would solely go to the State. The State earned a total revenue of Rs.2,661.26 crore in last August.
Of Rs. 3,676 revenue accrued to the State in August, Rs.1,683.17 crore was from petrol and liquor alone. The revenue from petrol and liquor in August 2017 wasRs.1,248.29 crore. The SGST, IGST, and other revenue in August this year is Rs.1,993.02 crore as againstRs.1,412.99 crore of August last year. Last August, the revenue collection pertained to the first month after the introduction of GST from July 1, 2017.
Thanks to the Commercial Tax Department's efforts of enforcement, data analytics, and surprise raids, the tax compliance has been increasing steadily and it reflected in the increased revenue for August. The new tax regime also stabilized now after overcoming initial hiccups and GST network issues over the last one year, sources said.
Telangana continues its impressive growth of state’s own tax revenues. Highest growth rate (Avg of 17.83 % since Telangana formation) for any state in the country four successive years pic.twitter.com/YyEXFsNSKo— KTR (@KTRTRS) September 5, 2018