Hyderabad: The state government's own tax revenues have increased by over Rs 10,000 crore by January-end, with two months still to go for the 2022-23 financial year to end on March 31, when compared to the previous fiscal.
The rise was due to increased property registrations — something that is also being reported by surveys by various firms — and growth in collections through excise and commercial taxes.
The state government earned Rs 1,402 crore in January through Value Added Tax (VAT) on petrol and diesel alone.
The state government had estimated in the state Budget last year that it would earn Rs 1.10 lakh crore through tax revenues in 2022-23. Of this, it already earned Rs 91,145 crore by January-end, a growth of 12 per cent when compared with the same period last year.
If non-tax revenues are taken into account, the government's total earnings touched Rs 98,141 crore by January-end. This is a significant increase by 18 per cent when compared with total earnings of Rs 83,223 crore recorded during the same period last year.
The state government has estimated an earning of Rs 1,16,655 crore through tax and non-tax revenues in 2022-23. Of this, it has already realised 84 per cent. With the data of the last two months of this fiscal 2022-23 yet to come out, officials expect to surpass these targets.
Data obtained from the finance department shows that the earnings through commercial taxes increased to Rs 58,966 crore by January-end in 2022-23 against Rs 53,655 crore recorded during the same period in 2021-22.
Similarly, the state government's earnings through liquor in the form of excise duty increased from Rs 14,747 crore to Rs 14,596 crore.
The government estimated to earn Rs 31,077 crore through VAT and excise duty on liquor in this fiscal 2022-23, it received Rs 26,501 crore by January-end. Of this, Rs 11,905 crore came through VAT on liquor and Rs 14,596 crore through excise duty.
In the non-tax categories, the income through stamps and registrations department increased from Rs 9,626 crore to Rs 11,829 crore due to increased property transactions in Ranga Reddy and Medchal-Malkajgiri districts.
The government had estimated that the sale of land would fetch it Rs 15,500 crore. Of this, it realised Rs 7,000 crore by January-end. The HMDA and the TSIIC have listed a few more auctions of land before the end of March, the government meet the target.
There has been a significant increase in earnings through transport and mining departments due to taxes on vehicles, transport permits, sale of sand and mining fees.
The earnings through the transport department shot up from Rs 3,233 crore to Rs 5,304 crore and through the mining department from Rs 1,962 crore to Rs 7,008 crore.
