CM Revanth Reddy urges Centre to compensate revenue loss of 7000 cr to Telangana with new GST structure

Hyderabad (Telangana) [India], September 22 (ANI): Telangana Chief Minister A Revanth Reddy on Monday demanded that the Union government compensate for the revenue loss of Rs 7000 crore to Telangana with the introduction of the new GST structure of rate rationalisation.
Declaring the profit share bonus to Singareni Employees today, the Chief Minister said that the GST rate rationalisation will have an adverse impact on the state revenues.
"The Centre should come to the rescue of the states which bear the brunt of the new GST structure. We are demanding that the centre address the concerns raised by the Telangana State on losing revenues after the introduction of the GST rate rationalisation," he said, as per a release.
Announcing that the state government will also give "Diwali Bonus" to Singareni employees, CM Revanth Reddy said that the state government will pursue the Union Government to address the issue of increasing private partnership in the Singareni company.
"The role of private partnership posed a big threat to the existence of India's prestigious Singareni Colleries Company Limited," CM Revanth Reddy said.
"Telangana government is committed to the welfare of the Singareni employees and promotes the Singareni company as a profit-making company in the future," the Chief Minister assured.
Remembering the unwavering support of the Singareni employees during the Telangana movement, the Chief Minister said that the People's Government recognised the services of the Singareni workers who played a significant role in the achievement of statehood for Telangana.
Out of the Rs 6394 crore income, the Chief Minister said that Rs 4,034 crore will be utilised for investments. Rs 819 crore (34 per cent of the profits) has been given as a bonus to the Singareni employees this year. The bonus for contract employees has also been enhanced to Rs 5,500 from Rs 5,000, the release stated.
Revanth Reddy reiterated that the government will promote Singareni as a competent company on par with the corporate industry. The Chief Minister praised the Singareni workers for their hard work in earning more profits every year.
"Since the Singareni company was earning profits, the government decided to share the profits with the workers every year," he said. (ANI)