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The Capital Region Development Authority Bill and a Bill to amend AP Value Added Tax Act, 2005 have been tabled in the Andhra Pradesh Legislative Assembly.
The State Minister for Municipal Administration and Urban Development, P Narayana, has introduced the CRDA Bill which will pave the way for the creation of a 30-member body to be chaired by the Andhra Pradesh Chief Minister.
The authority will be the main interface for the development of new capital for Andhra Pradesh. Apart from the mandate covering revenue and development activities, the authority would have the power to acquire necessary land for the development of the capital.
The State Cabinet had earlier approved the Bill.
VAT on aviation turbine fuel
The AP Value Added Tax Act, 2005 is sought to be amended by the State Legislative Assembly to facilitate bringing down the VAT on aviation turbine fuel from 16 per cent to 1 per cent.
The State sees this move would enable it to develop the aviation sector, which in turn would help in faster economic growth.
The reduction in rate of tax on aviation turbine fuel to one per cent is expected to result in increased air traffic and give a fillip to the aviation sector, according to Yanamala Ramakrishnudu, State Finance Minister.
The State is likely to see a loss of about Rs 25 crore per annum due to this reduction.
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