Industry & Economy
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Taxation
AP records 16 pc growth in revenue collections
Our Bureau
Hyderabad
,
Oct. 20
PROVING wrong apprehensions that the introduction of the value-added tax (VAT) system would adversely affect tax collection in the State, the Andhra Pradesh Commercial Taxes Department has reported a growth of 16.6 per cent in revenue collections during the six-month period of the current fiscal ended September 30, 2005.
At a review meeting held here on Thursday, officials informed the Chief Minister, Dr Y.S. Rajasekhara Reddy, that revenue collections increased steadily since April 2005 after VAT was implemented in the State.
As per details provided by the officials, the total sales tax collections up to September-end stood at Rs 5,430.85 crore. An amount of Rs 193 crore had already been received as compensation from the Central Government during the first quarter of the current fiscal and an additional amount of Rs 90 crore as compensation was due for the second quarter.
Taking into account the compensation received and expected, the total revenue collections till September amounted to Rs 5,713.85 crore as against Rs 4,897.09 crore of collections in the corresponding six-month period of last fiscal.
The additional collections of Rs 816.76 crore represent a growth of 16.6 per cent over the first half of last fiscal, according to an official release.
The Chief Minister emphasised the need for more vigorous enforcement of VAT and strong deterrent action against the large offenders.
He also approved the proposal of the AP Commercial Taxes Department to engage the services of expert and experienced senior counsel in consultation with the Advocate General whenever large value cases came up in the courts.
Further, Dr Reddy asked the officials to create a special cell in the CID to investigate cases pertaining to economic offences, the release said.
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