AP Transco wins appreciation for prompt payments of GST

Vijayawada: Special Chief Secretary, Energy, and CMD, APTRANSCO K Vijayanand said the Transmission Corporation of Andhra Pradesh has received appreciation from the Central Board of Indirect Taxes and Customs (CBIC) under the Ministry of Finance, Government of India for prompt filling of returns and payments of Goods and Service Tax, during the consecutive financial years 2021-22 and 2022-23, thereby substantially contributing to building a strong nation.

During the review meeting with the officials here on Monday, Vijayanand said as part of the efforts to make APTRANSCO robust and resilient in all aspects, the APTRANSCO has successfully introduced effective financial management, which is yielding good results by improving its finances and strengthening overall efficiency that would allow the power utility to deliver best services to the consumers.

The Finance wing officials have explained to the CMD/APTRANSCO, Vijayanand that the APTRANSCO has successfully persuaded the Rural Electricity Corporation (REC) to reduce interest rates for capital expenditure loans. The interest rate for short-term loans and medium-term loans was also reduced considerably.

The officials said the AP Transco payments to contractors and debt servicing, Central Generating Stations (CGS), and thermal, solar, wind, and biomass generators were done promptly. Transco has brought better financial administration to the company. The finance wing officials said, “We have streamlined the tendering, procurement of materials, and budgeting in the company as a whole which will definitely help to save public money and strengthen the power utilities.” They further said that APTRANSCO conducts critical review and analyze the records of power generators and power purchase agreements as well on a regular basis. Besides, surcharge and other related claims from solar, and wind claims are also critically analyzed and correct payments would be made; as a result, excess claims would get avoided.

All power purchases were being made on merit order dispatch, as a result, least-cost purchases from all sources facilitate savings to APTRANSCO, they added.