Andhra Pradesh Records 26 % Growth In GST Collection

Andhra Pradesh on the 2nd of November, recorded 26 % growth in the Goods and Service Tax (GST.)

Amid the Novel Coronavirus or COVID-19 he commercial activities in Andhra Pradesh came to normalcy with better economic situation compared to the past 7 months.

The GST statistics make this clear as the State GST collection in October stood at Rs. 2,480 crores.

This is the first time that taxes have been levied at this level in the current financial year.

According to sources, the GST collection in October last year was Rs. 1,975 crore and this year the GST hiked by 26 % to, Rs. 2,480 crores.

The new data was released by the Union Finance Ministry on the 2nd of November.

The major reason to bring back the normalcy in the economic condition was due to the decisions taken by Y.S. Jagan Mohan Reddy, the Chief Minister of Andhra Pradesh.

On the other hand, Telangana and Karnataka grew their GST by 5 %, Tamil Nadu by 13 % and Odisha by 21 %.

Chief Commissioner of State Taxes P.U.Kumar said an additional Rs. 350 crores was collected in October due to a special drive for tax collection.

The minimum protected income for the year 2020-21 has been fixed at Rs. 2,225 crores. The Center will pay the reduced income in the form of compensation. For the first time in this fiscal year, taxes were levied in October beyond the minimum protected income. For the April-September period, the minimum protected income has been at Rs. 8,850.62 crore against Rs. 13,350 crore with Rs.4,499.38 crore less in six months. During these six months, the average GST collected was only Rs 1,475.10 crore per month.

Stay tuned for further updates.