Economy News

Tamil Nadu’s total revenue has increased by 28.3% so far in the financial year 2022-23 – Mintpaisa

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Representative image | Photo credit: Getty Images/iStockphoto

Tamil Nadu’s total revenue has increased by around 28.3% to around ₹1,29,600.46 crore so far in the financial year 2022-23 (until October) from 1,01,047 crore, ₹40 crore in the same period last year, according to provisional figures from the Comptroller and Auditor General of India (CAG).

Among the revenues, the State’s Own Revenue (SOTR) increased by 31.7% to about ₹81,261.97 crore till October this year, from ₹61,692.66 crore at the same period last year. SOTR accounts for about 70% of the total revenue of Tamil Nadu and comes from stamp and registration duty, value added tax on petrol and diesel and alcohol, excise duty on alcohol, motor vehicle tax, state goods and services tax.

During the 2021-2022 fiscal year, SOTR was impacted by COVID-19.

Total revenue was also boosted by an increase in the Center’s decentralization of the state’s share of Union taxes. The state’s share of Union taxes increased by around 41.2% to ₹17,720.73 crore through October of the 2022-23 financial year, from ₹12,550.57 crore in the during the comparable period last year. Other taxes and duties increased to ₹4,370.97 crore from ₹3,039.31 crore. Non-tax revenue and grants are the other components of revenue.

At the end of October 2022, the government revenue deficit (the difference between government revenue and expenditure) stood at ₹8,654.91 crore. At the end of October 2021, the revenue shortfall was ₹10,126.14 crore.

The state budget deficit (the difference between revenue and total expenditure excluding borrowings) stood at ₹25,931.10 crore at the end of October 2022, compared to ₹28,108.69 crore at the end of October 2021 The improvement in the deficit position also led to a decline in borrowing.

Tamil Nadu’s net borrowing after adjusting for repayments stood at ₹26,153 crore through October of FY 2022-23, down 30.7% from ₹37,740 crore through October 2021 -22, according to Reserve Bank of India data.

Tamil Nadu Finance Minister Palanivel Thiaga Rajan said the state has put in place measures to guard against any downward trend. He also hinted that the state would become a revenue surplus in 2-3 years, which would help increase its capital expenditure.

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