Financial Daily from THE HINDU group of publications
Tuesday, May 02, 2006
Financial Daily from THE HINDU group of publications Tuesday, May 02, 2006 |
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Industry & Economy
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Taxation States - Andhra Pradesh AP gets Rs 404-cr VAT compensation Our Bureau
New mop-up The Commercial Department collected Rs 1,511.81 crore more than last year's revenue.
Hyderabad , May 1 The Andhra Pradesh Government has received a compensation of Rs 404.06 crore from the Union Government up to January 2006 for the loss it suffered due to the implementation of VAT (Value-Added Tax). The Commercial Department fell short of the annual target of Rs 12,706.16 crore and registered collections of Rs 12,534.41 crore during 2005-06, leaving a shortfall of Rs 171.75 crore. The department could achieve 98.65 per cent of the target. But thanks to the compensation from the Centre, the department could achieve 101.82 per cent of the target. The department collected Rs 1,511.81 crore more than last year's revenues, achieving a growth rate of 13.72 per cent. "This is against the average growth rate of 12.91 per cent of last five years," a department press release said. In a significant development, the department has announced that it would include 179 inputs in four per cent category with effect from May 1. "The Government has taken a decision in this regard, keeping in mind the appeals from the industry for long," it said. The industry had been arguing that keeping industrial inputs in the 12.5 per cent category was keeping it a disadvantageous position as all other States put the inputs in the four per cent category. "The decision will prove to be a significant relief to the local industry in the State," it said. The thinking in the Government circles was that keeping inputs in the four per cent category would give advantage to the unorganised sector remaining outside the VAT purview.
More Stories on : Taxation | Andhra Pradesh
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