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Telangana beats demonetisation, to stay surplus

Telangana beats demonetisation, to stay surplus

Hyderabad: Despite demonetisation, Telangana state would remain a revenue surplus state for the fourth consecutive year. The government, which is in the process of preparing budget proposals for 2017-18 financial year, observed that the revenue surplus could be more than Rs 3,000 crore. In 2014-15 financial year, the revenue surplus was to the tune of Rs 368 crore. In 2015-16, it was Rs 238 crore. For 2015-16, the government had projected that the revenue surplus would be Rs 3,718 crore. Officials of the state Finance and Planning departments said that due to demonetisation, revenue had come down in Commercial Taxes, Land Registrations, Transport and Excise and Prohibition departments during the past three months.  But now, the state economy was recovering fast from the affect of demonetisation and revenue collections have started increasing. Sources said the government had targeted Rs 43,115 crore tax collections from the Commercial Tax department this year. In the first two quarters of 2016-17 financial year, state achieved nearly 45 per cent of the target and prepared plans to fulfill the targets in the remaining two quarters. The target for Land Registration department was Rs 4,200 crore and Rs 2,500 crore through Transport department and for Excise department it was Rs 14,000 crore from liquor sales. All the revenue generating departments had seen a drastic decline in revenues during the third quarter. Fortunately in the fourth quarter, revenue collections have started improving. Officials said that all the revenue generating departments are making all-out efforts to achieve at least 70 per cent of the targets which will help to meet the revenue expenditure to be incurred in the next financial year. Growth trajectory in the state has clearly indicated that revenues would certainly go up in the next financial year, the source added. In 2016-17 budget estimations, the total revenue receipts has been put at Rs 1,00,924.75 crore and revenue expenditure would be Rs 97,206.38 crore. In the next financial year, the government is estimating the revenue receipts and expenditure to increase by 10 per cent to 15 per cent.

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