Govt Focuses on Generation of Alternative Revenue Sources
Cabinet mulling alternative revenue resources
Hyderabad: The State government is focused on generating more revenue for the exchequer without imposing additional financial burden on the people.
The Cabinet Sub-Committee, Chief Minister Revanth Reddy, Deputy Chief Minister and Finance Minister Bhatti Vikramarka have already conducted several reviews with the Principal Secretaries of all departments and asked them to explore ways on alternative sources of income.
The Deputy Chief Minister has instructed department heads to promptly provide projections for the growth rate anticipated for the upcoming fiscal year (2025-26).
According to senior officials, a significant amount of revenue has been generated under the non-tax revenue category owing to the sale of government land and the approval of Outer Ring Road (ORR) tenders in the previous financial year.
The government had estimated in the state budget that this year's tax revenue would be over Rs1.64 lakh crore. However, about 62 per cent of it was collected in the first 9 months (April to December 2024). The budget target will be met only if 38 percent is achieved in the remaining three months (January to March).
The State government is expected to get Rs54,000 crores through non-tax revenue and central grants, but it didn't receive even half of the amount. In this context, a Cabinet Sub-Committee is studying alternative ways.
In Telangana, the revenue generated from registration duty was Rs14,558 crore in the last financial year (2023-24). The budget estimates that this year it will generate Rs 18,228 crore, a growth of 25 percent.
Officials said that despite the slowdown in the Real estate sector across the country, Rs9,524 crore was received in the eight months from April to November last year.
The State government expects that although 25 percent growth rate will not be recorded due to national and international economic fluctuations, it will still increase slightly compared to last year.
The State government is estimated that it's revenue will cross Rs15,500 crore by March and the GST revenue is also estimated to be Rs58,594 crore. However, only Rs33,766 crore has been received in 8 months.
