The surge in Telangana’s emergence as a dominant economic force can be attributed to the business-friendly and pro-development policies of the Telangana government, following the State’s formation
Published Date – 11 January 2024, 10:45 PM
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Hyderabad: Telangana’s Goods and Services Tax (GST) collections have witnessed substantial growth, reaching Rs 30,048 crore in the first eight months of the current financial year of 2023-24. This marks an impressive increase of Rs 11,084 crore, or 63 per cent, compared to the Rs 18,964 crore collected during the corresponding period in 2018-19.
According to the latest report by the Comptroller and Auditor General (CAG), in the current financial year (2023-24), Telangana displayed robust GST collections, with Rs 4,082 crore collected in April alone. This marked a significant increase of Rs 694 crore compared to the same month in previous financial year. The State maintained promising GST collections, averaging Rs 3,500 crore per month, equivalent to 59 per cent of the estimated GST collections of Rs 50,942 crore for the year.
The surge in Telangana’s emergence as a dominant economic force can be attributed to the business-friendly and pro-development policies of the Telangana government, following the State’s formation. The reforms brought by the then BRS government led to the all-around development of the State, significantly boosting the income and purchasing power of the State’s residents. Despite facing numerous challenges, including a lack of cooperation from the Centre, Telangana achieved self-sufficiency in various sectors. Even during the Covid crisis, the State showcased resilience in GST collections, outperforming others.
Telangana collected Rs 18,964 crore till November of 2018-19 against the estimated GST collection of Rs 34,232 crore by year-end. For the financial year 2019-20, the government estimated a total GST collection of Rs 31,187 crore, and the State managed to collect Rs 18,218 crore in the first eight months.
Although there was a slight dip in GST collections in 2020-21 due to COVID-19 and subsequent lockdowns, Telangana fared better than many other States, recording Rs 15,247 crore during the same period. Telangana continued its momentum in subsequent years, collecting Rs 20,859 crore in the first eight months of the financial year 2021-22 and Rs 27,287 crore till November in 2022-23.
