Share of Telugu states in Central taxes goes up

Hyderabad/Amaravati, July 24 (IANS) The share of Telugu states in Central taxes and duties for 2024-25 has gone up, according to the Union Budget Estimates. 

While the share of Andhra Pradesh has gone up substantially, the hike is marginal in the case of Telangana.

Andhra Pradesh’s share has gone up by nearly 13 per cent over the previous financial year. The state will get Rs 50,474.64 crore in central taxes, which is Rs 5,775.65 crore higher than its share in 2023-24.

Andhra Pradesh was allocated Rs 44,698.99 crore in the previous financial year. Andhra Pradesh’s share is 4.047 per cent in the total central taxes and duties for all states (Rs 12,47,211.28 crore) during the current financial year.

Telangana’s share in central taxes and duties has been fixed at Rs 26,216.38 crore, which is about Rs 3,000 crore over the previous financial year. The state was allocated Rs 23,216.52 crore in the 2023-24 Budget.

Telangana accounts for 2.102 per cent in terms of percentage in overall allocation of central taxes and duties for all states and Union Territories.

The breakup for Andhra Pradesh shows the state will get Rs 15,156.93 crore in corporate tax, Rs 17455.93 crore in income tax, Rs 15,079.39 crore in Central GST, Rs 2,228.46 crore in customs, Rs 469.73 crore in union excise duty and Rs 82.96 crore in other taxes and duties.

Telangana will receive Rs 7,872.25 crore in corporate tax, Rs 9,066.56 crore in income tax, Rs 7,832.19 crore in Central GST, Rs 1,157.45 crore in customs, Rs 2443.98 crore in union excise duty and Rs 43.09 crore in other taxes and duties.

The Centre has allocated Rs 1,600 crore for public sector miner Singareni Collieries Company Limited (SCCL). This includes Rs 1,442.50 crore from internal resources.

SCCL is a joint venture of the Telangana government and the Centre with equity of 51 and 49 per cent, respectively.

An allocation of Rs 620 crore has been made for Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant.

The Public Sector Unit was allocated Rs 683 crore in 2023-24 (revised estimates). The allocation for Visakhapatnam Port Trust has also come down from Rs 276 crore to Rs 150 crore.

--IANS

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