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He said the electricity tax on power generating plants using biomass would be withdrawn.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.
CBSE Board Result: CBSE Board 10th-12th results after May 20; Update on result portal
CBSE Board 10th, 12th Result 2024: CBSE Board class 10th and 12th results are going to be released very soon. According to an update on the official CBSE result portal, the Central
Pakistan is embarrassed again, The PAK ambassador was not allowed entry into the US; deported from the airport itself.
US President Donald Trump has taken a very tough stand on immigration. Recently, news came out that the Trump administration is going to crack down on the entry of people from Pakistan and Afghanistan
Vivo T1x launched in India, got powerful features at a low price, know details
Vivo T1x Launch: Chinese smartphone brand Vivo has launched its new phone Vivo T1x in the Indian market. This phone has already been launched in the Chinese market in two variants 4G and 5G. Vivo T1x
Hamas Israel Conflict: Hamas attacks family, boy survives; death of parents
Deadly attacks continue between Hamas and Israel. Meanwhile, an Israeli-American teenager survived a siege on his home by Hamas attackers over the weekend. His parents saved him from the bullets
The third wave will come in December: Health Minister of Maharashtra said - there will be no situation like the second wave; Oxygen and ICU will not be needed
The third wave of the corona epidemic in Maharashtra may come in December. This is to say of the State Health Minister Rajesh Tope. Tope claimed on Wednesday that the third wave will come in the
Ram Mandir: 'Ram' Arun Govil of 'Ramayana' was disappointed in Ayodhya, and did not get the darshan of Ram Lalla after consecration
Ayodhya remains in constant discussion. The grand ceremony of consecration of Ram temple attracted the attention of the whole world. Many big personalities from film, cricket, and industry attended
Salman Khan and Zeeshan Siddiqui again received death threats, who called this time? Made this demand
In Maharashtra, actor Salman Khan and Baba Siddiqui's son Zeeshan Siddique have again received threats. Sources said that this threatening call had come on the phone of Zeeshan Siddiqui's public
Weather Update Today: Heavy rain alert in these states including MP, UP, and Rajasthan, know the latest weather conditions
Heavy rains are continuing in many states of the country. The Meteorological Department issued an alert of heavy rain in some areas of Madhya Pradesh, UP, Rajasthan, and Gujarat on Tuesday. According
Maharashtra: Dadar-Puducherry Express derails near Matunga station, service will be restored shortly
Normal service at the station was disrupted on Saturday when three coaches of the Dadar-Puducherry Express derailed after colliding with the CSMT Gadag Express at Matunga station near Maharashtra
Terrorist attack in the famous market of Pakistan: Blast in Anarkali market of Lahore, 4 killed, a bomb was planted in bike
Another terrorist attack happened in Pakistan. A bomb blast took place in the historic and famous Anarkali market of Lahore on Thursday afternoon. Four people were killed and 20 were injured in this.
