The Goods and Services Tax arrears due from the Centre to Tamil Nadu currently stands at Rs 12,263 crore, State Finance Secretary S Krishnan said. “We have received some arrears over the last two weeks. The current outstanding amount is Rs 12,263 crore,” he told reporters on Friday. Listing some salient features of the budget presented by Deputy Chief Minister O Panneerselvam, he said the state has pegged its own tax revenue to grow by 10.52 per cent to reach Rs 1.33 lakh crore in the revised budget estimates for 2020-21.
“It is a realistic target. There were times when tax revenue grew by more than 12 per cent this time we have moderated to a nominal tax growth rate,” he said. According to the budget, the State’s Own Tax Revenue is estimated to be Rs 1,20,809.3 crore for 2019-20. The State’s Own Tax Revenue is estimated to increase to Rs 1,33,530.30 crore in budget estimates for 2020-21, Krishnan said. For 2021-22, he said the own tax revenue was estimated at Rs 1,52,270.66 crore and for 2022-23, Rs 1,73,664.49 crore.
To a query on revenue from the Tamil Nadu State Marketing Corporation (TASMAC), which sells liquor through its retail outlets, the Finance Secretary said it was expected to be around Rs 30,000 crore for 2019-20. Asked about increase in liquor prices, he said it was expected to mop up an additional Rs 2,000 crore to the exchequer. On funds allocated under the State Disaster Management Fund, he said the Centre has increased its share to Rs 1,360 crore from the earlier Rs 825 crore. “We have intimated that it will not be sufficient. But we expect there will be additional allocation under the 15th Finance Commission,” he said.