Slams Govt for decline in tax collections
Corporate tax collections declining every year
Even existing industries leaving State
YCP reverse rule terrified companies
AMARAVATI: TDP National General Secretary Nara Lokesh on Thursday held the Jagan Mohan Reddy Government responsible for ‘gradual decline’ in corporate tax collections and companies’ transactions consistently in the past three years.
Lokesh said the decline in tax collections indicated how the existing industries were also reducing their activities in AP while no new investments were coming to the State due to adverse policies of the Government. Such negative growth in industrial activity would spell doom for the future of the State as a whole.
In a statement here, Lokesh pointed out how the Chief Minister’s own Sakshi media has reported a 15 percent decline in corporate tax collections. The direct tax collections were Rs. 22,881 Cr during the TDP rule in 2018-`19. They came down to Rs. 20,928 Cr during 2019-`20 in the first year of the YCP reverse regime. There was a further decline to Rs. 17,522 Cr in 2020-`21.
Nara Lokesh termed it as ‘alarming’ that Union Minister Pankaj Chowdhury had raised a concern on how the direct tax collections from AP were showing a steady declining trend. The YSRCP Government’s archaic and anti-investment policies were solely responsible for the financial, economic and industrial decline in Andhra Pradesh.
Lokesh said the Chief Minister was still not realising that his retrogressive mindset was not only making existing industries to reduce their production but also driving some of them to leave the State altogether. It was a big blow to the State that the corporate tax collections were declining every year in a consistent manner.
Nara Lokesh sarcastically said that while Jagan Reddy’s admirers were calling him a torch bearer for the people, the corporate companies were vanishing from the State unable to bear the YSRCP torture. The industrialists were terrified at the manner in which the ruling YCP leaders were tormenting them like in horror movies.
