Telangana is rapidly becoming into one of the nation's most powerful economic regions after experiencing rapid expansion. This is demonstrated by the fact that the State's Goods and services Tax (GST) receipts have increased by 69 percent in less than four years. According to the most recent report sent to the Comptroller and Auditor General (CAG), Telangana's GST income climbed significantly from Rs 28,786 crore in 2018–19 to Rs 41,889 crore in 2022–23, totaling Rs 13,103 crore.
Telangana was able to sustain an encouraging trend in GST revenues despite the COVID-19 pandemic's adverse financial effects on the world economy. When the GST was first implemented by the Centre in the fiscal year 2018–19, telangana collected Rs 28,786 crore in GST income or 84% of the budget expectations of Rs 34,232 crore. telangana maintained its development trajectory in the years that followed, despite the lockdowns, while the rest of the globe was suffering as a result of the epidemic.

Telangana was able to collect Rs 28,053 crore in 2019–20, or 90% of the budget projections, against a projected collection of Rs 31,186 crore. In the fiscal year 2020–21, collections were Rs. 25,905 crore compared to projected revenues of Rs. 32,671 crore, or 80% of the budget projection. The State managed to spend 97% of the budget projections in 2021–2022—a total of Rs. 34,489 crore as opposed to Rs. 35,520 crore that was expected.

Similar to 2022–23, telangana collected Rs 41,889 crore, or 99 percent of the budget projections, as opposed to the expected collection of Rs 42,189 crore. The K Chandrashekhar Rao administration's sound financial management and policies are to blame for Telangana's ongoing rise in GST receipts. With improving financial conditions and rising buying power for its residents, the State has undergone considerable changes during the past nine years. Officials note that as a result, the business sector continued to flourish and contributed to the dramatic increase in GST income.

Despite the difficulties the Modi administration at the federal level created, telangana managed to stand strong on its own and establish itself as a major economic power. The State has become a role model for others thanks to a sound economic strategy and efficient use of financial resources. These outstanding achievements were made possible by the Commercial Taxes division, which was instrumental. According to authorities, a number of reforms, such as the creation of new circles, the formation of clear objectives at every level, and the elimination of manual notifications and processes, have helped to explain the astonishing increase in tax collection.

Other States, including gujarat and Uttar Pradesh, have come to examine the changes carried out by the Commercial Taxes department as a result of Telangana's excellent achievement. telangana has become recognized as a model State for other States to follow because to the State's proactive approach to financial planning and reforms, which has set the path for long-term prosperity.
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SIBY JEYYA

20/06/2023 07:10 AM