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Adequate allocations for all sectors: Eatala
Though the single tax regime Goods and Service Tax (GST) affected State revenues badly this year, the Telangana State government will prepare the budget proposals for 2018-19 with substantial allocations to every sector as the State succeeded in overcoming the financial crisis by achieving targets in State owned tax revenues, Finance Minister Eatala Rajender said on Tuesday.
Hyderabad: Though the single tax regime Goods and Service Tax (GST) affected State revenues badly this year, the Telangana State government will prepare the budget proposals for 2018-19 with substantial allocations to every sector as the State succeeded in overcoming the financial crisis by achieving targets in State owned tax revenues, Finance Minister Eatala Rajender said on Tuesday.
Addressing the press here, the Minister said that the State achieved 16 per cent growth in State owned tax revenues, in 2017-18 till date. After the introduction of the GST, government suffered a big loss in the revenues in the 2017.
However, the increased State-owned taxes collected through excise, stamps and registration, transportation and value-added tax (VAT) on petroleum products rescued the government from the crisis. Before the GST implementation in 2016-17, State registered 21 per cent growth in the tax collections.
Based on the overall growth in the revenues, the Minister said that allocations will also be increased in the new budget. The government will continue the pace maintained in the infrastructure development and assets creation in the new financial year also, he added.
Rajender said that the demands for allocation of funds to Mission Bhagiratha, Mission Kakatiya and the sanction of AIIMS (All India Institute of Medical Sciences), horticulture and Tribal University have been pending before the Centre for years. As a special case, he requested the Centre to earmark Rs 10,000 crore for Kaleshwaram project during his recent meeting with Union Finance Minister Arun Jaitely.
Accompanied by State Finance Secretary K Ramakrishna Rao, the Finance Minister said that department wise reviews on budget proposals has come to an end. Chief Minister K Chandrasekhar Rao will hold a final meeting in two or three days and finalise allocations to every department.
The Minister claimed the constant efforts made by the government after the formation of the Telangana pushed the State to one of the top investment destinations in the country and registered gross state domestic product GSDP and per capita income above the national average in the last four years.
