T.N.’s tax revenue up 11.4% in Nov. 2020
[ad_1]
The progress was led by State excise duties, which elevated 31.3% to ₹750.78 crore
Tamil Nadu’s Own Tax Revenue elevated 11.4% to ₹9,526.38 crore in November 2020 from ₹8,549.43 crore in the identical interval of 2019, in accordance with the provisional figures from the Comptroller and Auditor-General (CAG).
In an indication of restoration, the State has posted a double digit progress for the second straight month in its personal tax revenue. In October 2020, the State’s Own Tax Revenue (SOTR) elevated about 18.8% to ₹9,475.16 crore from ₹7,976.53 in the comparable interval final yr.
70% of the overall
The SOTR comes from stamp responsibility and registration, value-added tax on petrol and diesel, excise responsibility on liquor, motorized vehicle tax and States Goods and Services Tax. The SOTR accounts for 70% of Tamil Nadu’s complete revenue.
Amid the extreme lockdown to curb COVID-19, the SOTR declined 74.29% in April and 67% in May 2020, in contrast with final yr. In June, the SOTR dropped 8.9% and recovered in July with a constructive progress of 8%. In August once more, the SOTR declined 21.44% after which posted a 7% progress in September.
The progress in November 2020 was led by State excise duties (which replicate liquor revenues). They elevated 31.3% to ₹750.78 crore, in contrast with ₹571.97 crore in November 2019.
The taxes on gross sales and commerce, one other part of the SOTR, elevated 16.3% to ₹4,334.69 crore in November 2020 from ₹3,728.48 crore in the identical interval final yr. The progress in this part additionally displays a rebound in petrol and diesel demand.
The revenue from stamps and registration charges elevated 10.7% to ₹1,091.32 crore in November 2020 from ₹986.21 crore in the identical interval of 2019.
The State Goods and Services Tax grew 2.7% to ₹3,326.92 crore in November 2020 from ₹3,240.79 crore, whereas land revenue elevated 3.1% to ₹22.67 crore from ₹21.98 crore.
Real problem
While the SOTR is exhibiting indicators of restoration, the true problem is from the rising expenditure to sort out COVID-19. Until November in the fiscal yr 2020-21, the overall expenditure stood at ₹1,39,879.55 crore, whereas the overall receipts stood at ₹1,02,630.52 crore. This outcomes in a fiscal deficit (the distinction between complete revenue and expenditure, excluding borrowings) of about ₹37,249.04 crore.
Revenue deficit stood at ₹28,767.35 crore as of November. Revenue deficit is the distinction between the federal government’s revenue receipts and revenue expenditure and exhibits that the federal government’s earnings aren’t sufficient to fulfill its every day bills.
Tamil Nadu has to this point borrowed ₹67,000 crore from the market in 2020-21, up 30% from ₹51,390 crore in the identical interval final yr.
You have reached your restrict without cost articles this month.
