Telangana & AP experience decline in GST growth rates
Hyderabad: The latest Goods and Services Tax (GST) figures for Andhra Pradesh and Telangana depict a lacklustre scenario for the Telugu states. Both states have exhibited lower growth rates compared to other southern states in terms of GST collections in Aug.
Andhra Pradesh, for the first time (excluding pandemic years), demonstrated negative (-4%) growth, while Telangana fared slightly better with a growth rate of 4%.
Andhra Pradesh earned 3,278 crore in Aug, while it was 3,479 crore in Aug 2023. On the other hand, Telangana raked in 4,393 crore in Aug and 4,569 crore the previous year.
Karnataka exhibited a growth of 11%, followed by Kerala (9%) and Tamil Nadu (7%). Simultaneously, India has demonstrated an average growth of 10% in August this year. The growth figures of Telangana and Andhra Pradesh lag significantly behind the national average.
However, officials remarked that since the new govts in both states were acclimating to novel policies, the GST revenue figures were expected to surge in the forthcoming months.
Meanwhile, the most recent figures released by the Comptroller and Auditor General, Telangana on Monday revealed that Telangana amassed 14,727 crore in GST revenue by July. However, it falls 3% short of the previous financial year’s projected GST income by July (29%).
