Centre to pay ₹ 3,000 crore more to Tamil Nadu in tax income
Tamil Nadu is expected to get ₹ 2,956 crore more from the allotment of tax revenues to states this time, which works out to 4.079% of the total tax collected by the Union government, as per the 15th Finance Commission recommendations.
Thus in 2022-23, Tamil Nadu can expect its share from the Central pool of taxes to be ₹33,311.14 crore against ₹ 30,355.63 crore in the present financial year (2021-22).
Out of the ₹ 33,311.14 crore, ₹ 10,401.00 crore will be from Corporate Tax and ₹ 10045.17 crore will be from the Income Tax.
Tamil Nadu is also expected to fetch ₹ 10937.76 crore from its share of the Central Goods and Services Tax (GST).
The state will also get ₹ 1,444.26 crore from its share of Customs duty collected by the Centre, ₹ 449.87 crore from the Union excise duty and ₹ 33.45 crore from its share of services tax.
The total divisible pool of tax revenue collected by the Centre in 2022-23 is expected to be ₹ 8,16,649.47 crore. Uttar Pradesh is expected to get the maximum of ₹ 1,46,498.76 crore, followed by Bihar with ₹ 82138.61 crore.
Tamil Nadu has also received ₹ 14336.25 crore as loans released by the Centre in the financial years 2020-21 and 2021-22 due to shortfall in GST compensation.
Out of this, Rs 3,120.50 crore is for three years and ₹ 3,120.50 crore is for 5 years. Similarly, ₹ 1,171.01 crore loan is for 2 years and ₹ 6,924.24 crore is for 5 years.