Telangana has been ranked among the top States in the country in terms of State’s Own Tax Revenues as proportion of the overall tax revenue.
The State’s own tax revenue is pegged at 84.2% of the overall tax revenue collected and it stands next only to Haryana which has own tax revenue constituting 86.9% of the overall tax revenue. This is compared to own tax revenue of less than 50% in States like Bihar and Jharkhand. The figures are disclosed in the “State Finances – A Study of Budgets” released by the Reserve Bank of India (RBI).
The RBI report said there has been a general increase in the share of own tax revenues which helped the States to reduce their dependence on devolution from the Centre. The report says the gross fiscal deficit during the current year is estimated to be 4% and the primary deficit at 2.4%. The State’s outstanding liabilities as percentage of the GSDP in budget estimates of 2023-24 stood at 27.8%, one percentage point higher than 26.8% of the previous year.
