CM Revanth Reddy Demands Centre Compensate Telangana for ₹7,000 Cr GST Revenue Loss
Chief Minister A. Revanth Reddy has demanded that the Union government compensate for the revenue loss of Rs. 7,000 crores to Telangana with the introduction of the new GST structure of rate rationalisation.
Hyderabad: Chief Minister A. Revanth Reddy has demanded that the Union government compensate for the revenue loss of Rs. 7,000 crores to Telangana with the introduction of the new GST structure of rate rationalisation.
Declaring the profit share bonus to Singareni employees at the Secretariat here on Monday, the Chief Minister said the GST rate rationalisation will hurt the state’s revenues.
The Centre should come to the rescue of the states that bear the brunt of the new GST structure. We are demanding the Centre address the concerns raised by the Telangana state on losing revenues after the introduction of the GST rate rationalisation, Revanth Reddy said.
Announcing that the State government will also give ” Diwali Bonus ” to Singareni employees, Revanth Reddy said the state government will pursue the Union government to address the issue of increasing private partnership in the Singareni company.
The role of private partnership posed a big threat to the existence of India’s prestigious Singareni Colleries Company Limited (SCCL), the Chief Minister said the Singareni workers requested to resume coal mines awarded to private agencies.
” The Telangana government is committed to the welfare of the Singareni employees and promotes the Singareni company as a profit-making company in the future,” he assured.
Remembering the unwavering support of the Singareni employees during the Telangana movement, the Chief Minister said that the people’s government recognised the services of the Singareni workers who played a significant role in the achievement of statehood for Telangana.
Out of the Rs 6,394 crore income, the Chief Minister said that Rs 4,034 crore will be utilised for investments. Rs 819 crore ( 34 per cent of the profits ) has been given as a bonus to the Singareni employees this year. Bonus for the contract employees has also been enhanced to Rs. 5,500 from Rs. 5,000.
Revanth Reddy reiterated that the government will promote Singareni as a competent company on par with the corporate industry. The Chief Minister praised the Singareni workers for working hard to earn more profits every year. Since the Singareni company was earning profits, the government has decided to share the profits with the workers every year, he said.
