The loss-making APSRTC has sought further exemptions from taxes to recover from the additional burden it has incurred due to the hike in diesel prices.
The loss-making Andhra Pradesh Road Transport Corporation has sought further exemptions from taxes from the state government to recover from the additional burden of Rs. 714 crores it has incurred due to the hike in diesel prices.
Although RTC's Managing Director A K Khan announced that there was no immediate proposal to increase the bus fares, he sought some exemptions in taxes from the government. He said it would be difficult for the RTC to survive if the government did not come to its rescue.
It may be mentioned that compared to the last financial year, the corporation's losses have reduced by Rs. 71 crore this year. As compared to Rs. 306 crore last year, the RTC's losses this year stood at Rs. 237 crore. Therefore, a steep decline in the losses by almost Rs. 71 crore was registered this year.
Similarly, the RTC's revenues too have increased by nearly Rs. 700 crore in the last one year. While the RTC earned Rs. 4,287 crore as traffic revenue, this year's revenues were Rs. 4,960 crore. While the RTC was hoping to recover further losses by the end of this financial year, the hike in diesel prices shattered its plans. (INN)