Andhra Pradesh Registers GST Revenue Of Rs 7,653 Crore In Q1 Of 2023-24
Besides growth in GST revenue, income from registrations reached Rs 2,794 crore until July 15, compared to Rs 2,292 crore generated in the previous fiscal year.
Andhra Pradesh recorded GST revenue of Rs 7,653 crore in the first quarter of the financial year 2023–24, marking a 24 per cent increase compared to the corresponding quarter in 2022–23, officials said. According to a press release issued by the state government on Monday, in addition to the growth in GST revenue, income from registrations reached Rs 2,794 crore until July 15, compared to Rs 2,292 crore generated in the previous fiscal year.
During the meeting, officials informed the Chief Minister Y.S. Jagan Mohan Reddy that registration services have commenced in villages where land surveys have been completed. So far, 5,000 registrations have taken place in the village secretariats, resulting in revenue amounting to Rs 8 crore.
Furthermore, officials highlighted the Andhra Pradesh Mineral Development Corporation (APMDC) as a source of increased revenue. The corporation is benefiting from Mangampeta baryte reserves and the Suliyari coal block, which is expected to produce 5 million tonnes of coal in the current financial year. APMDC's revenue increased to Rs 1,806 crore in 2022-23 from Rs 502 crore in 2020-21,officials project that the revenue will further increase to Rs 4,000 crore in 2023–24.
The Chief Minister emphasised that revenue from these departments has experienced consistent growth over the past four years due to the implementation of transparent policies, comprehensive reforms, and the elimination of loopholes.
Regarding the transport department, Reddy directed officials to implement the best vehicle tax policies by incorporating reforms and implementing new policies after assessing tax policies from other states. He emphasised the need for these policies to be the best in the country in order to encourage vehicle buyers. Reddy further recommended that revenue-generating departments involve district collectors more actively in the policy implementation process.
Additionally, the Chief Minister suggested that the finance department and other relevant departments hold regular review meetings with district collectors. The objective of these meetings would be to strengthen the revenue generation mechanism, address any existing loopholes, and create awareness of the current policies.
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