Rise in Tamil Nadu's income despite global economic slowdown: KC Veeramani
In the last two years, the crude oil prices were falling continuously and the revenue on the state's taxes on crude oil products too was falling.
Chennai: The income through the commercial taxes in the state had increased in the last five years despite the global economic slowdown, reduction in the prices of petroleum products and floods in six districts, commercial taxes minister K.C. Veeramani said on Tuesday.
The income from commercial taxes in the last five years had increased to Rs 2,66,305 crore from Rs1,17,674 crore in the five years of the DMK government, he told the Assembly during his reply to the discussion on demands for grants to his ministry. He said commercial taxes which include VAT, sales tax and entertainment tax contribute 76 per cent of the state's revenue.
In the last two years, the crude oil prices were falling continuously and the revenue on the state’s taxes on crude oil products too was falling. States like Kerala, Karnataka, Andhra Pradesh, Gujarat and Maharashtra had increased the tax on petroleum products, but Chief Minister J. Jayalalithaa did not hike the taxes as it would lead to rise in prices of essential commodities.
Besides, the Chief Minister had exempted 589 commodities from taxes and a low tax of five per cent is being levied on 519 commodities, the minister said. A total of 85,000 traders had paid taxes worth Rs 4,600 crore through online, he added.