Despite growth in Telangana revenue, state decides to auction bonds of Rs 8000 cr

Hyderabad: Despite Covid disruptions, the state government's revenue earnings witnessed a decent growth in the 2020-21 fiscal ending March 31. Tax earnings through sale of petroleum products, liquor and GST collections, mainly between November 2020 and March 2021, saved the government.

The government ended fiscal 2020-21 with revenue earnings of Rs 52,436 crore on March 31, 2021, 10 per cent more than Rs 47,657 crore it earned in 2019-20. Of this, taxes on liquor contributed Rs 11,705 crore, petroleum products Rs 8,703 crore.

The Centre released IGST arrears worth Rs 3,201 crore and paid GST compensation of Rs 5,483 crore. This apart, the government's SGST and IGST collections were recorded at Rs 11,796 crore and Rs 10,511 crore respectively.

In 2018-19, the government’s tax earnings were Rs 45,379 crore. This increased by 5 per cent in 2019-20 to Rs 47,657 crore.

Meanwhile, the state government has decided to auction bonds to raise Rs 8,000 crore from the market in the first quarter, April-June 2021-22, to meet increased expenditure on account of implementing the new Pay Revision Commission for employees and pensioners from April and to fund development projects and welfare schemes. Of this, Rs 2,000 crore will be raised this month and Rs 3,000 crore each in May and June.