Only Rs. 1.10 Lakh Crores Tax Revenue Collected In 10 Months Against Target Of Rs. 1.52 Lakh Crores In Telangana

By IND Today News Desk On Mar 3, 2024

Only Rs. 1.10 Lakh Crores Tax Revenue Collected In 10 Months Against Target Of Rs. 1.52 Lakh Crores In Telangana

Hyderabad, March 3 (Maxim News): There are no signs of meeting the state’s revenue target through taxes in the current year (2023-24). The previous government estimated in the budget that a total income of Rs. 1,52,499.49 crores would be generated under this head this year. But it is clear in the latest report of the comptroller and Auditor General (CAG) that only Rs. 1.10.442.27 crores (72.42 per cent) was collected in the last 10 months from april to January/ 80/72 percent of the target was returned for the same period last year. If the Income of more than Rs. 42 thousand crores is received in the remaining two months of this financial year, the target of budget estimate will be fulfilled. But if we look at the last 10 months, the tax revenue in the state is on an average of Rs. 11 thousand crores per month.

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Looking at this calculation, there are indications that the income will decrease more than expected. CAG reports are released monthly on the income and expenditure of the state. These are the highlights of the latest report on the revenue collected by the state government from April 2023 to January 2024, loans collected and expenditure incurred so far.

The budget estimates that the total revenue for the current year will be more than Rs. 2.59 lakh crore, this includes Rs. 38,234.94 crores collected as debts.

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In the first 10 months, total debt and income totalled Rs. 1.77 lakh crore

The government has taken Rs. 40,852 crore by the end of January for the target of collecting Rs. 38,234.94 crore as debt this year. another Rs. 2 thousand crores were taken in February. Arrangements have been made to take another Rs. 2 thousand crore this month.

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In the first 10 months, the government has paid Rs. 19,102.82 crores as interest on previous loans. This year the burden has increased by more than Rs. 2 thousand crore compared to Rs. 17,055 crores paid during the same period last year. The burden of employee salaries has also increased by Rs. 3 thousand crores to Rs. 32,650 crores compared to last. Rs. 14,012 crores were spent on pensions and Rs, 7,620 crores were spent on welfare schemes.

In the first 10 months Rs. 1,72 lakh crore has been spent towards the target of spending Rs. 2.49 lakh crores this year.

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If the budget estimates that the fiscal deficit of the state could be Rs. 56,062 crore this year, it has been recorded at Rs. 40,852 crore at the end of 10 months.

With regard to Central aid, it has been estimated in the budget that Rs. 41,259 crores can come in the form of grants from the center in the income of the state. But at the end of 10 months only 14.17 percent i.e. Rs. 5,944.63 crores has been received. 19.21 per cent of the estimate was recorded for the same period last year under this head. Sources in the authorities said that due to the lack of grants from the Centre, the government has to take heavy loans to overcome the fiscal deficit. (Maxim News)