Tamil Nadu’s total revenue has seen an increase by 22 per cent at the end of six months in the present financial year compared to the previous year during the same period.
As per data released by Comptroller and Auditor General of India (CAG), Tamil Nadu’s total revenue at the end of September was Rs 1.31 lakh crore against Rs 1.07 lakh crore at the end of September 2021.
Stamps and registration as well as state goods and services tax (SGST) have seen the maximum increase in 2022. The stamps and registration growth was 39 per cent in 2022 and SGST growth was 37 per cent.
VAT on fuel, liquor up 32 pc
“The value added tax on fuel and liquor revenue increased by 32 per cent. In the first six months in 2021, the total VAT revenue was Rs 21,327.53 crore, but during the same period this financial year the total VAT revenue was Rs 28,214 crore. This is due to an increase in the petrol price in the first quarter by oil companies,” said the additional chief secretary.
Liquor revenue comes through VAT as well as excise. The excise revenue also saw an increase from Rs 3,496.07 crore to Rs 5.351 crore.
“The revenue source from stamps and registrations has increased as more property registrations have been done as the registration offices were opened continuously compared to the last two years when there were lockdowns due to Covid pandemic,” said the official.
With Centre’s GST revenue as well as revenue from income-tax increasing each month, the share from Centre to Tamil Nadu has also seen an increase in the first six months. While in the first six months of 2021, the total share from Union taxes was Rs 10,611 crore, during the same time this year their share was Rs 15,341.34 crore.
“Each month, Centre’s revenue collection under GST as well as through corporate tax and income tax increases. All states have received more funds from the Centre this year as per the recommendation of 15th Financial Commission,” said the official.
As per the CAG data, the total receipts in the first six months were 40 per cent of the 2022-23 budget estimates. During the same time in the last financial year, they were 35 per cent of the budget estimates.
Jump in interest payments
On the expenditure side, interest payments have seen a huge jump. Revenue expenditure has seen an increase from Rs 94,628.34 crore in 2021 to Rs 1,16,327.65 crore. In percentage terms, the revenue expenditure has increased by 22 per cent.