‘In fact, growth rate surged to 11.73 %’
Even as economists and experts have been pointing finger at the Goods and Services Tax (GST) contributing for Gross Domestic Product (GDP) growth slowdown, Andhra Pradesh Finance Minister Yanamala Ramakrishnudu has observed that the GST hasn’t impacted the Gross State Domestic Product (GSDP) in the State. “It is too early to say that GST has negatively impacted the GSDP,” he said at a meeting of Commercial Tax officials here on Thursday.
In fact, Andhra Pradesh witnessed a growth rate of at 11.73% during the first half of this fiscal compared to 10.71% in the corresponding period in the last financial year. The primary sector registered a growth of more than 27%. The services and industry sectors also fared well. “Going by this trend, I personally feel that the GST hasn’t impacted negatively on GSDP,” he asserted.
In sharp contrast, the growth rate at the national level had showed slow down. The reasons for slowdown in the growth rate had to be ascertained and analysed by experts and economists.
Notwithstanding the positive growth, Mr. Ramarkishnudu said, there were some teething problems in the implementation of the GST. The State government was trying to resolve the issues at the earliest and would take them up with the GST Council, he said.
On State finances, the Minister said that a negative growth was witnessed in the Stamps and Registration Department due to slump in the real estate and construction sectors.
Special Chief Secretary (Revenue) Dr. D. Sambasiva Rao, Chief Commissioner State Tax J. Syamala Rao also spoke. Secretary to Chief Commissioner C. Naga Mani, Commissioner (GST) T.Ramesh Babu, and Commissioner (Legal) G. Venkateswarlu were among those present.
Source : http://www.thehindu.com/news/cities/Hyderabad/no-visible-impact-of-gst-yanamala/article19851103.ece