The GST revenue of Andhra Pradesh for November 2024 fell from ₹4,093 crore in 2023 to ₹3,699 crore. Experts suggest this 10% decline could negatively impact the state’s economic stability.
Key Reasons:
- Delay in Welfare Schemes:
During the previous YSRCP government, welfare schemes contributed significantly to increasing people’s purchasing power, thereby boosting GST collections. However, the current coalition government’s delay in implementing welfare schemes is seen as a major factor. - Reduced Purchasing Power:
Decline in crop procurement prices, particularly for paddy, has reduced farmers’ incomes, leading to lower spending capacity. - Economic Slowdown:
A lack of new investments and low business activity have also contributed to the drop in GST collections.
Impact:
Economic experts warn that the decline in GST revenues could strain the state’s finances and force the government to reconsider its expenditure plans.
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