CAG Report: Telangana sees 37% surge in tax revenue for 2021-22, amounts 72% of total revenue
Hyderabad: The Comptroller and Auditor General (CAG) report revealed that Tax revenue accounted for 72 per cent of the total revenue of the State in the year 2021-22. And there has been an increase of 37 per cent in tax revenue during the year 2021-22 over the previous year. The CAG report which was tabled in the Telanagan assembly on Friday revealed the details.
According to the CAG analysis, while tax revenue under the heads, Taxes on Sales and Trade, SGST, State Excise, Stamp duty and Registration Fees, Taxes on vehicles and Others increased, receipts under Land Revenue has decreased from financial year 2020-21 to 2021-22.
The income from land revenue decreased from 50 lakhs to 26 lakhs from 2020-21 to 2021-22. Detailed clarification of the decrease in Land Revenue has not been received from the Department. In addition to that, land revenue didn’t even meet that Budget estimate of Rs 6.31 crores for the financial year 2021-22.
CAG attributed the Increase in receipts under Taxes on Sales, Trade etc., was due to increase in collection of receipts under State Sales Tax Act, increase under SGST due to increase in Tax, Input Tax Credit cross utilisation of SGST and IGST, Apportionment of IGST-Transfer-in of Tax Component to SGST was offset to some extent by decrease in Other Receipts and Advance Apportionment from IGST.
The income from Stamp duty and Registration Fees increased a whooping 135 percent compared to 2020-21. The actual income which was 5,243 cores in 2020-21 increased to 12,372 cores in 2021-22. The CAG stated that receipts towards stamp duty and registration fee increased due to revision in market values of properties twice during the year coupled with increase in rates of stamp duty, registration fee and structure rates.
Likewise income from the State Excise increased 21 percent from 2020-21 to 2021-22(14,369 crores to 17,482 crores). As regards receipts under State Excise, it was due to increase in sale of Foreign Liquors and Spirits and Other Receipts.
It is pertinent to note that iIn the financial year 2021-22- income under Sales Tax, State Excise,Taxes on vehicles have exceeded Budget estimates however the income from Stamps and Registration Fees and Land Revenue saw a decline in comparison to budget expansion for the same year.
