AP gave concession to Reddys, says Centre

AP gave concession to Reddys, says Centre

Replying to queries raised in Rajya Sabha, Finance Minister Pranab Mukherjee said according to his information, the AP government has given 25% concession in VAT for 5 years, 100% waiver on mortgage fee and allocated Rs 1 crore for infrastructure development around the plant.

Responding to B K Hariprasad (Congress), D Raja (CPI) and Mysura Reddy (TDP), the minister told the House that if the government finds that there was any evasion of taxes, then it will order a probe.

“If we find out any evasion, we will set in motion income tax (IT)probe. It is their (IT department’s) routine job based on economic intelligence input. If there is any violation and illegal mining, the department of mines will look into it. OMC has been given environmental clearance”.
Mukherjee said if there was any overinvoicing or underinvoicing by any mining company, or any violation of FRMA (Foreign Exchange Management Act), “due action will be taken”.

Hariprasad said the mafia has taken over the mining industry. “It is a threat to the democratic set up.”

 Raja said the illegal mining done by the mafia has resulted in a loss of Rs 300 crore per year in revenues to the government and overall loss of Rs 10,000 crore.
He demanded an Income Tax  probe into the fudging of funds by the mining companies.