Andhra Pradesh income after the state bifurcation will not be bad as many fear. The state has got Rs 1500 Crores in the first month since bifurcation (till June 30). According to estimations, the state is expected to rake an annual revenue of anywhere between Rs 30,000 crore and Rs 35,000 crore (from tax collections) during the current financial year. Initially AP was expected to get only 18% of income and Telangana will get 82% income according to the location of business. But this calculations went wrong now with AP bagging about 48% income.
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. There are 3 Lakh VAT dealers in United State and now 1.5 Lakhs of them have enrolled in AP. Traders have to file returns on July 20th for transaction After the appointed day, June 2nd to June 30th. So, we can arrive at the exact figure later today. The income of Telangana and Andhra Pradesh combine is expected to be 60000 Crores this year. Last year the united state got 55000 Crores income.
