TN’s first-quarter revenue at 23.7% of FY23 budget revenue expectation

Tamil Nadu’s revenue collection in the first quarter of 2022-23 exceeded that of the same period in the previous fiscal, according to data released by the Comptroller and Auditor General (CAG). Similarly, revenue expenditure also increased in the first quarter compared to the same period last year.

Per CAG data, for the June quarter, the state’s total revenue was ₹57,768.55 crore, which was 23.67 per cent of the budget revenue expectation. Of the total revenue, GST revenue alone contributed ₹13,692.84 crore, and this was 27.63% of the total GST revenue expected for the entire financial year. All sources of revenue saw an increase compared to the first quarter of 2021-22.

Stamps and registration fees revenue was ₹4,457.95 crore, which was 27.31 per cent of the budget revenue expectation. In the first quarter last year, only 20.32 per cent of the total revenue from this source was received.

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“The revenue from stamps and registrations has increased as more property registrations have been done. The registration offices were opened continuously as against the last two years, when there were lockdowns due to COVID,” a senior Finance Department official told The Federal.

State excise duties is another source of revenue for the Tamil Nadu government which has seen an increase. In the first quarter, ₹2,594.55 crore was received from this source, which was 24.5 per cent of the total revenue expected for 2022-23. In the first quarter of FY22, excise duties contributed only 12.47 per cent of the total budget revenue expectation. The primary source of this income is sale of liquor.

VAT (value added tax) revenue was ₹13,11,924 crore in the first quarter and it was 22.93% of the budget revenue expectation. Again, compared to last year, when this source contributed just 16.62 per cent, it has seen a huge jump this year.

Non-tax revenue like fines and rents contributed ₹3,347.51crore, or 21 per cent of the total revenue expected for the entire financial year.

Jump in expenditure

On the expenditure side, interest payments saw a big jump. A total of ₹9,274.57 crore was spent on payment of interest, which was 20.82 per cent of the total interest payments for the entire year. During the same period last year, just 2.42 per cent of the total interest payment was paid in the first quarter.

Revenue and fiscal deficit are under control, the CAG data revealed.