Telangana sets new record in GST collection, nets nearly Rs 5,000 crore in April

HYDERABAD: Telangana set a new record in Goods and Services Tax (GST) revenue in April, collecting nearly Rs 5,000 crore for the first time since the new tax regime came into force in 2017.
By mopping up Rs 4,955 crore in April, Telangana is also one of the country's top six states in terms of GST collection. Maharashtra (Rs 27,495 crore), Gujarat (Rs 11,264 crore), Uttar Pradesh (Rs 8,534 crore), Karnataka (Rs 11,820 crore), and Tamil Nadu (Rs 9,724 crore) are the top five in April.
According to the GST income figures released by the Union finance ministry on Sunday, the state did not rank among the top states in terms of percentage income growth from April 2021 (Rs 4,262 crore) to the current season. Telangana's revenue increased by 16% in April compared to the same month the previous fiscal.
When the figures for GST collection for the same corresponding period are compared, the growth rate in Telangana is close to the national growth rate (17%). However, the state's growth rate increased significantly from 2% in March 2022.
Further, April appears to be a watershed month for the state, with the state crossing the Rs 4,000 crore mark for the first time in GST in April 2021. Telangana's monthly income has increased by Rs 1,000 crore in just 12 months, according to recent data. A similar record was also observed in 2018, with GST collections, including SGST, IGST, cess, and other GST-related taxes, up to April 24 of that year, was Rs 3,040 crore. Until then, the state's highest GST collection in a month was Rs 2,800 crore.
Revenue from sales tax/VAT, stamp duty and registration fees is expected to increase by 25% in 2022-23, compared to revised estimates in 2021-22.
In 2022-23, sales tax/VAT is the second-largest source of own tax revenue after SGST (30% of own tax revenue).