Andhra Pradesh Finance Minister Buggana Rajendranath Reddy discussed the pending dues from the Central government to Andhra Pradesh with Union Finance Minister Nirmala Sitharaman in New Delhi on Monday.
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According to a press release, Mr. Rajendranath Reddy wanted the Centre to release the pending dues at the earliest.
Referring to Anrak Aluminium Limited, Mr. Rajendranath Reddy said that the second phase of the international arbitration with the company was coming up for hearing in London this month. The first phase of the arbitration was completed last month. However, details of the response from the Union Finance Minister were not disclosed.
It may be recalled that Ras-Al-Khaimah Investment Authority (RAKIA) raised an international arbitration over the cancellation of the bauxite supply agreement (BSA) signed between Andhra Pradesh Mineral Development Corporation (APMDC) and ANRAK Aluminium Limited. The State government has reportedly approached the RAKIA with the hope of reaching an out-of-court settlement.
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Mr. Rajendranath Reddy told the media that the State government needed resources to run the show.
“Taxes on petroleum and liquor are the only direct sources of revenue for the State. The remaining are under the purview of the Goods and Services Tax (GST). The State government cannot take decisions on the close heels of the Centre. We need to take decisions cautiously. The situation is no different with other States. Only the BJP-ruled states have undertaken a commensurate reduction of the Value Added Tax (VAT) on petrol and diesel. No other State has taken the decision,” he added.