VIJAYAWADA: Commercial Taxes Department Chief Commissioner Babu A has said that the State is leveraging GST and related commercial tax data to develop a real-time mechanism for assessing economic activity and estimating Gross Value Added (GVA) across key sectors.
Addressing the 8th Collectors’ Conference at the Secretariat on Thursday, Babu said the GST-based assessment of manufacturing activity was showing a 19.6 per cent year-on-year growth up to July, compared with the approximately 18 per cent growth recorded up to the first quarter. The estimated manufacturing GVA stood at around Rs 1.75 lakh crore. He said the GST-based estimate was closely matching the First Advance Estimates of the Planning Department, which are based on sample surveys, with the variation being only around 0.6 percentage points. According to him, the close correlation demonstrated the potential of GST data for real-time economic assessment.
The Commercial Taxes Department has developed an AI-based analytical methodology to calculate GVA using GST data generated by manufacturing units in the State. The system also incorporates e-way bill data to improve the accuracy of the estimates by taking into account the movement of goods into and out of the State.