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This is what Andhra Pradesh, Telangana got
The Telugu states of Telangana and Andhra Pradesh will get Rs 38,592.71 crore towards the share of Central Taxes. In the Union Budget presented by Finance Minister Arun Jaitley on Monday, an amount of Rs 24,637.36 cr has been earmarked for Andhra Pradesh while Telangana would be given a share of Rs 13,955.35 cr.
Hyderabad: The Telugu states of Telangana and Andhra Pradesh will get Rs 38,592.71 crore towards the share of Central Taxes. In the Union Budget presented by Finance Minister Arun Jaitley on Monday, an amount of Rs 24,637.36 cr has been earmarked for Andhra Pradesh while Telangana would be given a share of Rs 13,955.35 cr. For Telangana, the FM announced Rs 1 cr for Tribal University, Rs 20 cre for IIT and Rs 15 cr for INCOIS (Indian National Centre for Ocean Information Services).For Andhra Pradesh, funds have been allocated for various projects.
They include Polavaram Project - Rs 100 cr; Vijayawada Metro - Rs 100 cr; IIIT - Rs 20 cr; Tirupati IIT - Rs 40 cr; Visakhapatnam IIM - Rs 30 cr; Tadepallegudem NIT - Rs 40 cr; Tirupati IISER - Rs 40 cr; Visakhapatnam Steel Plant - Rs 1678 cr; Visakhapatnam Port Trust - Rs 231.61 cr and Tribal University - Rs 1 cr.
The budget ignored AP's plea for allocation of annual development grant of Rs 200 crore to each of the seven backward districts. On the positive side for both AP and Telangana the Centre has agreed to constitute a panel to study the possibility of enhancing the upper limit to avail borrowings under Fiscal Responsibility and Budget Management (FRBM) Act.
According to the Budget the share of AP in the Central Taxes in the estimates for the 2016-17 fiscal is 4.305 per cent of the total pool. Amongst this it gets its share of Corporate Tax (Rs 7,729.34 cr), Income Tax (Rs 5,990.02 cr), Wealth Tax (Rs 0.23 cr), Customs (Rs 3,851.29 cr), Central Excise Duty (Rs 3,077.09 cr), Other taxes and duties (Rs 0.01 cr). Total of Rs 20,647.50 cr.
Its share of 4.398 per cent of Service Tax amounts to Rs 3, 984.86 cr and the grand total is Rs 24,637.36 cr. The share of Telangana State out of the taxes collected by the Centre for the year of 2016-17 is 2.437 per cent. Of this it would get Corporate Tax (Rs 4375.47 cr), Income Tax (Rs 3,390.86 cr), Wealth Tax (Rs 0.13 cr), customs duty (Rs 2,180.16 cr), Central Excise Duty (Rs1,741.90 cr) taking it to a total of Rs 11,688.26 cr. The share of the government in Services is 2.499 per cent amounting to Rs 2, 267.09 cr. This takes the grand total to Rs 13,955.35 cr.
