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States » South

Telangana govt seeks Finance Ministry to release funds stipulated in union budget

Hyderabad, Dec 7 (UNI) Expressing the present financial situation facing due to faulty polices of the Centre, Telangana government on Saturday requested Union Finance Minister Nirmala Sitharaman, to release funds to the state as stipulated in the budget or else declared the facts.
In his letter addressed to the Union Finance Minister, Chief Minister K Chandrashekhar Rao said that as per the Union Budget 2019-20, the tax devolution to Telangana was Rs 19,719 crore, which is 6.2 per cent more than Rs 16,451 crore received by the state during 2018-19.
But the state has received an amount of Rs 10,304 crore only till the November month which is less by Rs 224 crore (-2.12 per cent) in comparison with corresponding period last year, the CM said.

Instead of receiving an enhanced amount, the state has received less, the CM expressed and said with further slowdown of the economy during the second quarter, it is likely to be further reduction in tax devolution.
Because of the slowdown in economy, there was a shortfall in GST collections compared to the benchmark growth of 14 per cent and an amount of Rs 1,719 crore was due as compensation as mandated under the GST Act, the CM pointed out in his letter.
During the current financial year, we have received compensation for the first four months only and the balance amount is due.
The IGST settlement was done during 207-18 based on the tax devolution formula of Finance commission, instead of the formula adopted for IGST settlement, he said this has resulted in a shortfall of Rs 2,812 crore and the same was also pointed out by the CAG in its report.
In view of the facts, the state is waiting for its legitimate dues of Rs 4,531 crore of GST while at the same time it is also suffering due to a shortfall in tax devolution, the CM said.
Mr Rao requested the Finance Minister to release the pending dues expeditiously so that the development programmes of Telangana do not suffer for lack of resources.
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