The finance department of AP-Transco has won the appreciation of the Central Board of Indirect Taxes and Customs (CBIC) of the Ministry of Finance for promptly paying Goods and Service Tax (GST) and filing returns during the two financial years of 2021-22 and 2022-23.
In a review meeting on Sunday, special chief secretary (energy) and AP-Transco CMD K. Vijayanand praised the officers and staff of the finance wing of AP-Transco for their achievement.
Mr. Vijayanand said the AP-Transco’s effective financial management system yielded good results and improved the utility’s overall efficiency. He noted that due emphasis has been laid on cost control, cost reduction and cost effectiveness with one underlying objective—save public money.
Officials of AP-Transco’s finance wing gave a presentation on the steps taken to rein in costs on various fronts. They said, while being able to reduce the interest rates on short and medium-term loans considerably, they could persuade the Rural Electricity Corporation to reduce interest rates on capital expenditure loans.
Moreover, AP-Transco has been making prompt payments towards debt servicing and to contractors; Central generating stations; and thermal, solar, wind and biomass generators. Power purchases were being made on merit order dispatch, which led to least cost purchases, which in turn yielded substantial savings.
AP-Transco joint MD K.V.N. Chakradhar Babu complimented director (finance) T. Veerabhadra Reddy; chief controller of accounts (CCA) P. Murali Krishna; deputy CCAs V.D Sarveswara Rao and K.V.S. Murty; and senior accounts officers K.V.S.S. Ravi Shankar and G. Chandra Sekhar for achieving significant improvement in finances.
