Chennai, March 25 (IANS) Tamil Nadu Chief Minister O. Panneerselvam, who also holds the finance portfolio, presented a tax-free budget for fiscal 2015-16 here on Wednesday, while announcing various concessions on value added tax (VAT).
Panneerselvam said the government had decided against imposing additional taxes despite the severe financial burden and the slow growth in the state's tax revenues.
Panneerselvam exempted fishing accessories like ropes, floats, twine, fishing lamps and swivels from VAT.
Similarly, mosquito nets have been exempted from VAT.
Panneerselvam reduced the VAT rates on cardamom, LED lamps, air compressors, cell phones and pump sets.
He said the electricity tax on power generating plants using biomass would be withdrawn.
According to him, the government has estimated the revenue deficit for 2015-16 at Rs.4,616.02 crore with revenue receipts projected at Rs.142,681.33 crore and the revenue expenditure put at Rs.147,297.35 crore.
He said the revenue deficit is inevitable owing to increased subsidies, slow tax growth and allocations to social sectors.
Projecting a capital expenditure of Rs.27,213.17 crore, the fiscal deficit is estimated at Rs.31,829.19 crore.
The major revenue streams for the state are commercial taxes (Rs.72,068.40 crore), state excise (Rs.7,296.66 crore), motor vehicles tax (Rs.4,882,53 crore).
The tax revenue is expected to log a modest growth of around 12 percent over last fiscal.
Panneerselvam said the share of central taxes is projected at Rs.21,149.89 crore while grants-in-aid from the central government will be Rs.16,376.79 crore.
He said the state's net borrowings would be raised to Rs.30.446.68 crore against the permissible levels of Rs.32,990 crore.
The total outstanding debt for the state by the end of the fiscal is estimated at Rs.211,483 crore.
Shubman Gill: Rahul Dravid giving false consolation? Claim in the report – It is difficult for Gill to play against Australia
The concerns of the Indian team have increased before the opening match of the World Cup against Australia. In form, Shubman Gill is not well. It is feared that he is suffering from dengue. Due to
KKR vs GT Records: Rinku left behind Dhoni, Rashid's fourth hat-trick in T20, this record made in Ahmedabad
Kolkata Knight Riders defeated Gujarat Titans by three wickets at the Narendra Modi Stadium in Ahmedabad. Chasing the target of 205 runs, the Kolkata batsmen put on a brilliant performance and Rinku
After the murder, Arshad brought the police to the hotel as a cool dude, the policemen were terrified after seeing 5 dead bodies together.
After brutally killing his mother and four sisters in the Sharanjit Hotel of Charbagh, Arshad did not have even an iota of regret. He took two constables of Loco Police Chowki to the room by putting
Shubman Gill: In 2025, only two players, including Shubman Gill, will become Player of the Series in both ODI and Test formats
In the recent series between India and England, captain Shubman Gill looked in great form. He scored the most 754 runs in 10 innings at an average of 75.40. These include four centuries. For this, he
Shutdown over power tariff hike hits Odisha
Bhubaneswar, March 31 (IANS) The Bidyut Upabhokta Mahasangh (Power Consumers' Federation) held a 12-hour shutdown across the state, demanding rollback of power tariff hike announced by the Odisha
Indian Navy: The President approved the new flag and design of the Navy, and the tradition of the British era ended
President Draupadi Murmu has approved the new flag of the Indian Navy and the new design of the Indian Navy Crest, which was unveiled on Navy Day in Visakhapatnam on Sunday (04 December 2022). The
Pakistan Blast: Bomb blast in a motorcycle in the market of Balochistan province of Pakistan, 13 injured
At least 13 people were injured in a blast on Monday at a market in the Khujdar district of Pakistan's Balochistan province. A senior police officer said the explosives were attached to a motorcycle
Pune Porsche Accident: Minor's father was detained by police, a pub owner who served liquor to the accused was also arrested
Pune Porsche Car Accident: A big update has come in the Pune Porsche accident case. Pune City Police on Tuesday arrested Vishal Aggarwal, father of the accused minor. Besides, the bar owner and bar
Covid 19 In India: More than one thousand new cases came in the country for the third consecutive day, and 7927 active cases reached
Corona is once again wreaking havoc in the country. For the past several days, the cases of corona are continuously increasing.
India-China standoff: Russia is keeping an eye on the situation of LAC, said- Encouraged by efforts to rear troops from India and China
