Tamil Nadu Interim Budget highlights: Computer Science to be taught from Standard 6

Tamil Nadu Deputy Chief Minister and Finance Minister O. Panneerselvam introduced the interim Budget forward of the State elections.

Here are the highlights:

While some a part of discount in share of Central Taxes is attributable to affect from COVID-19, the shrinking of the divisible pool of Central taxes and improve within the share of cesses and surcharges of Central taxes can also be a major issue, says Mr. Panneerselvam.

The Covid-19 pandemic has necessitated further expenditure of Rs. 12,917.85 crore primarily for well being and aid associated expenditure

Revenue

With the COVID-19 pandemic, the State Own Tax Revenue (SOTR) collapsed within the first 4 months of the present monetary 12 months due to the lockdown and the extra time offered for remittance of tax dues, says Mr. Panneerselvam.

The assortment of State GST and Value Added Tax began to decide up from August 2020. The assortment of stamp obligation and registration charges has additionally revived. However Motor Vehicle Tax (*6*) but to totally get well, he says.

The share of Central taxes for Tamil Nadu, which had been indicated within the Union Budget at Rs.32,849.34 crore of their Budget Estimates 2020-21, has been decreased to Rs.23,039.46 crore within the Revised Estimates 2020-21, he says.

More allocation

Rs. 6,683 crore allotted for Coimbatore Metro challenge

Rs 7,217 crore allotted for fisheries in Tamil Nadu Interim funds

Computer Science topic will be taught to Students from sixth to tenth customary, says O Paneerselvam

Tamil Nadu Finance Minister allocates Rs 9,567 crore for the police division in his interim funds

Tamil Nadu authorities to procure 12,000 new buses

The variety of hearth stations at Sivakasi, the fireworks hub of India will be elevated

‘Increase in spending for well being’

Owing to COVID-19 pandemic and a rise in spending for well being and aid, the entire income deficit in 2020-21 is estimated to be Rs. 65,994.05 crore, a considerable improve from Rs. 21,617.64 crore projected within the Budget Estimates ’20-21, Mr. Panneerselvam says.

TN’s GSDP  as per Revised Estimates 20-21 is at Rs. 19.43 lakh crore. Estimated to improve to Rs. 23.42 lakh crore in 21-22.

Tamil Nadu’s GSDP has been projected at 2.02%

Tamil Nadu’s general debt is estimated to be Rs. 5.70 lakh crore as on March 31, 2022. It is estimated to be Rs. 4.85 lakh crore as on March 31, 2021, says Mr. Panneerselvam.

State’s Own Tax Revenue is estimated to be Rs. 1.09 lakh crore within the Revised Estimates 2020-21, a lower of Rs. 23,561 crore within the Budget Estimates. This is estimated to improve to Rs. 1.35 lakh crore in 2021-22, he says.

Tamil Nadu’s GSDP has been projected at 2.02% for 20-21 at fixed costs, he says.

‘Centre ought to merge cess, surcharge with tax’

In his funds speech, O. Panneerselvam calls on the Central Government to merge cesses and surcharges with the essential fee of tax in order that States obtain their reliable share of income.

TN’s fiscal deficit anticipated to widen to Rs. 96,889.97 crore within the Revised Estimates for ’20-21. A rebound in income receipts is predicted in 2021-22, he says.