Vijayawada: TDP National General Secretary Nara Lokesh on Thursday held Jagan Mohan Reddy’s government responsible for the “gradual decline” in corporate tax collections and corporate transactions steadily over the past three years.
Lokesh said the drop in tax revenue indicates how existing industries are also reducing their activities in the PA while no new investment is coming to the state due to unfavorable government policies. Such negative growth in industrial activity would be catastrophic for the future of the state as a whole. In a statement here, Lokesh pointed out that direct tax collections were Rs 22,881 crore during TDP rule in 2018-19. They went down to Rs 20,928 crore in 2019-`20 in the first year of the YSRCP’s “reverse” scheme. There was a further decline to Rs. 17,522 crores in 2020-`21.
Lokesh called it “alarming that Union Minister Pankaj Chowdhury has become concerned about how the PA’s direct tax revenue has been showing a steady downward trend.” The archaic and anti-investment policies of the YSRCP government were solely responsible for the financial, economic and industrial decline of Andhra Pradesh.
Lokesh said the chief minister still failed to realize that his backward mindset was not only prompting existing industries to cut production, but also driving some of them out of the state altogether. It was a blow to the state that corporate tax revenue consistently declined every year.