Even as the Covid-19 pandemic impacted businesses in India, the southern state of Andhra Pradesh has emerged as one of the fastest-growing economies in the country after the lockdown.
The last financial year of 2020 saw a growth in business transactions from the months of June to March after the lockdown.
While Delhi, the national capital, and Maharashtra the financial capital saw a decline in business, Andhra Pradesh recorded the highest growth rate among the southern states at 8.83 per cent. These details were revealed by the statistical report released by the GST Council.
From June 2020 to March 2021, the GST-covered business transactions in our state increased by 8.83 per cent -from Rs 22,407.46 crore to Rs 24,386.66 crore.
Officials say this also indicates the high rate of GST filing in the state. GST business transactions only indicate business transactions that have taken place in that state. The final GST revenue received by the State is only after the Interstate GST (IGST) charges are calculated.
Taking into account business transactions from June last year to March this year, Karnataka recorded a growth of 0.18%, Telangana at 0.81%, Kerala at 1.07% and Tamil Nadu at 3.78% when compared to the previous year growth.
GST Officials attribute the growth of the AP state economy that during the COVID crisis, to the state government's steps to increase the availability of liquid cash in the economy through its welfare schemes for business and traders.