Telangana CM Demands Compensation for GST-Induced Revenue Loss
Telangana Chief Minister Revanth Reddy urged the Union government to compensate Telangana for Rs 7,000 crore revenue loss due to new GST changes. He declared bonuses for Singareni employees and highlighted threats from private partnerships, ensuring continuous promotion of Singareni as a profit-making entity.
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Telangana Chief Minister A Revanth Reddy has called on the Union government to address the revenue shortfall caused by the recent GST rate rationalisation, which is estimated to cost the state Rs 7,000 crore. He also announced a profit share bonus for Singareni Collieries Company employees.
The Chief Minister voiced concern over the increasing private partnership in the company, describing it as a significant threat. Expressing the state's commitment, Reddy promised to ensure the welfare of Singareni workers and make the organization a profit-generating entity.
In recognition of the loyalty shown by Singareni employees during the Telangana statehood movement, the Chief Minister shared plans to use Rs 4,034 crore of the company's income for investments and allocated Rs 819 crore as bonuses to employees, enhancing the bonus for contract workers.
(With inputs from agencies.)
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