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http://timesofindia.indiatimes.com/business/india-business/A ndhra-surpasses-its-own-expectations-in-Tax-collections/arti cleshow/38702025.cms Andhra surpasses its own expectations in Tax collections Contrary to the apprehensions of officials, the new state of Andhra Pradesh has registered impressive tax revenue collections in its first month since bifurcation. The state, up until June 30, has earned as much as Rs 1,500 crore, which observers insist is indicative of AP's fiscal health being in 'sound condition'. In Vijayawada Circle-I alone, for instance, the collection for this particular month has been a whopping Rs 215 crore, as against last year's Rs 75 crore. The exact revenue collection, however, will be known only on Monday, as Sunday (July 20) is the last date for filing returns for June. Going by the collections, official sources are now expecting AP to earn an annual revenue of anywhere between Rs 30,000 crore and Rs 35,000 crore (from tax collections) during the current financial year. This predicted amount, they say, is higher than the income expected. Separate tax accounts came into operation in both AP and Telangana from the appointed day of June 2. All VAT dealers were directed to remit taxes in their respective states thereafter. "We were worried that the initial glitches, right from transfer of licenses to the gloomy mood among businessmen in the residuary state, would affect the collections. However, there has been no drop in revenue. It is, instead, steadily going up," a senior commercial tax official told TOI. While the united state fetched nearly Rs 55,000 crore as revenue from commercial taxes in the last financial year, officials of the new state were worried that the revenue from Seemandhra districts this time would not come up to even 20% of that figure. However, it now appears that AP is headed towards pocketing nearly 48% of undivided AP's tax revenue leaving 52% in Telangana's kitty. "Many Hyderabad-based traders shifted their base to the new state following the directive from AP government. This explains the increase in AP's income during June," said a senior official. "About 1.6 lakh of the total three lakh VAT-paying dealers in undivided AP moved to the residuary state and remitted their taxes there," said a source. For instance, Andhra Pradesh Beverages Corporation Limited (APBCL), which used to pay its entire tax of Rs 15,000 crore in Hyderabad in the past, will now pay a part of it to AP owing to its sale in the state. Sources said APBCL alone is expected to pay Rs 8,000 crore to Rs 9,000 crore annually to AP. Similarly, all oil companies too have divided their tax payments between AP and Telangana. In the past they paid taxes in Hyderabad. "Some officials feared that the revenue will go into Hyderabad's kitty. In reality, it is not the case," said a senior auditor, K Srinivasa Rao. Not surprisingly then, the trends indicate that Vijayawada (the two circles together) could well pool nearly Rs 2,200 crore against the last year's Rs 1,360 crore and Visakhapatnam may add Rs 2,300 crore against last year's Rs 1,365 crore, to the state's kitty. Sources said Vijayawada, Visakhapatnam and Guntur circles, which are considered as the most ?tax pooling' areas, registered encouraging collections during June. And the reason, they claimed, was rooted in the large number of VAT-paying dealers moving base to new AP post division "Our first month revenue is almost on expected lines. We are expecting to cross the target in the coming months," deputy commissioner (CT), S Sekhar, told TOI. While the revenue excluding petrol and liquor in undivided state was Rs 23,000 crore, the share of AP was just Rs 7,000 crore. However, the situation changed post division as Seemandhra districts are headed to post revenue of nearly Rs 15,000 crore (excluding petrol and liquor) with a near 100 per cent jump. Besides, the revenue from liquor and petroleum products is will be another Rs.15000 crore. This takes the total tax revenue of AP to Rs 30,000 crore. Putting up a good show * Officials are expecting AP to earn an annual revenue of between Rs 30,000 crore and Rs 35,000 crore from tax collections during the current financial year * In Vijayawada Circle-I alone, the tax collection for June has been a whopping Rs 215 crore as against last year's Rs 75 crore. * Increase in revenue is being attributed to many VAT-paying dealers in united state moving to residuary AP, and entities like AP Beverages Corporation Limited and oil companies paying a portion of the tax in the new state. Earlier, they used to pay it only in Hyderabad |
