HYDERABAD: Telangana has registered 17% revenue growth in the state goods and services tax (SGST) collections in the first quarter of 2019-2020. In the financial year (2018-19), the state had registered 15% growth over the previous year. Senior officials claimed that Telangana is one of the top states in the country in SGST collections.
For the months of April to July this year, the government had collected Rs 4,082 crore as against Rs 3,470 crore for the corresponding period last year (2018-19). The major contributors in record SGST collections are the automobile sector, electronic gadgets and cement sales.
“SGST collections are very encouraging. Generally, tax collections are very less in the first quarter of a financial year. But in the first month of April itself the government had collected Rs 1,145 crore, Rs 954 crore, Rs 980 crore and Rs 1,003 crore for the months of
May, June and July, respectively,” Somesh Kumar, principal secretary (revenue), told STOI.
GST is a major revenue contributor in the state. Since the introduction of the GST by the Centre two years ago, the state claimed compensation initially for one or two months. “The average growth in GST collections in the country was just 5% in July this year compared to previous month, but our growth is more than the country’s average,” an official explained.
Sources in the commercial taxes department said SGST revenues crossed Rs 30,000 crore for 2018-19. Collections and growth of GST settlement under integrated GST are not very encouraging, official sources said. “Integrated GST collections were Rs 3,538 crore in the first quarter, which is little more than corresponding period of the 2018-19, which was Rs 3,465 crore. But the integrated GST of Rs 1,040 crore in July is more the state GST collection for July 2019,” the principal secretary said.
GST is a major revenue contributor in the state. Since the introduction of the GST by the Centre two years ago, the state claimed compensation initially for one or two months.
Source : https://timesofindia.indiatimes.com/city/hyderabad/17-growth-in-state-gst-collections/articleshow/70516724.cms