Economy News

gst: Andhra Pradesh records revenue of Rs 7,653 crore GST in first quarter of 2023-2024: officials – Mintpaisa

Andhra Pradesh recorded TPS revenue of Rs 7,653 crore in the first quarter of FY 2023-24, an increase of 24% from the corresponding quarter in 2022-23, officials said. They informed Chief Minister YS Jagan Mohan Reddy of these revenues during a review meeting on revenue-generating departments, noting that these GST revenues excluded compensation.

Similarly, revenue from the registry service reached Rs 2,794 crore till July 15, compared to Rs 2,292 crore generated in the previous financial year, according to a press release issued Monday by the Government of India. State.

Officials informed the Chief Minister that registration services have started in villages where land re-surveys have been completed with 5,000 registrations already underway in village secretariats, realizing an income of Rs 8 crore.

The Andhra Pradesh Mineral Development Corporation (APMDC) derives more revenue from Mangampeta barite reserves and Suliyari coal block, which is expected to produce 5 million tonnes of coal in the current fiscal year, according to officials.

APMDC’s revenue rose to Rs 1,806 crore in 2022-23 from Rs 502 crore in 2020-21, even as officials projected it would rise to Rs 4,000 crore in 2023-24.

During the meeting, the Chief Minister pointed out that the revenues of these departments have increased over the past four years due to the implementation of transparent policies and the introduction of reforms as well as the closing of loopholes. . Regarding the Department of Transportation, Reddy called on officials to implement the best vehicle tax policies by incorporating reforms and implementing new policies after evaluating other states’ tax policies. The new policies should be the best in the country to encourage vehicle buyers, he said, adding that revenue-generating departments should involve district collectors more when implementing the policies.

He observed that the finance department and others should hold a regular review meeting with district collectors to strengthen the revenue generation mechanism, fill gaps and create awareness on existing policies.


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