Hyderabad: Tax revenues in Telangana are showing a remarkable recovery, reaching new heights after a brief slowdown as Chief Minister Revanth Reddy’s administration is prioritizing revenue generation efforts.
According to sources within the Congress party, Telangana’s economic fortunes are turning around under the leadership of the newly elected government.
In February, the state witnessed a significant surge in tax collection, totaling Rs 13,703.92 crore, marking an increase of Rs 2,400 crore compared to the 11-month average of Rs 11,286 crore.
Compared to the previous financial year (2022–23), a notable growth of 13 percent has been recorded. December recorded an income of Rs 12,609 crore, followed by Rs 10,748 crore in January, and touching Rs 13,703 crore in February.
Not only tax revenues but revenue from stamp registrations is also steadily rising. In December, it stood at Rs 1,300 crore, decreased to Rs 1,044 crore in January 2024, and rebounded to Rs 1,282 crore in February.
State GST collections are on an upward trajectory as well. Last December, collections amounted to Rs 4,100 crore, followed by Rs 3,848 crore in January, and reaching Rs 4,446 crore in February.
The increase in state revenue is attributed to effective governance strategies. The surge in tax revenue signifies robust economic growth, with February witnessing a record-breaking collection unprecedented in the state’s history.
Additionally, the real estate sector is showing promising signs of recovery, further contributing to the overall economic revival.
The government’s proactive approach involves streamlining departments, addressing loopholes, and maintaining a sharp focus on fiscal management.
